My reaction to this trailer was very mixed. It looks stunning visually, but the Tauriel x Kili snippet made me cringe. It feels as well like it's trying to overtake the Battle of Pelennor Fields in terms of grand scale, when really that should be the bigger battle. I also dislike the way that it just feels so big Hollywood blockbuster-y in how its marketted these days. While there are art and costumes books, they're not like the beauties that were released for LotR. The Hobbiton film set visitor centre thing, the Air NZ safety videos (which I will admit are funny)... it just feels a bit tacky and commercial sellout. The cases for the extended editions are also pretty fug compared to the gorgeously decorated dvd cases for the LotR EE. I picked up my DoS EE blu-ray up yesterday, and the way the discs are laid out is awful, teh front and back discs seriously run the risk of being damaged the way they are.
As for PJ getting his hands on The Silmarillion, I'm in as mixed a mind about it as I am about The Hobbt. I think that it would work better as a tv series rather than a movie.