I somewhat agree, but most literary classics are adapted endlessly over time, and that helps to ensure that criticism of the original texts does not become stale. And that kids studying the book at school don't have to read it. I am sure nobody told Kenneth Branagh that they were "happy" with Laurence Olivier's Henry V, so not to bother.
If a stellar adaptation of The Hobbit were made in 20 years' time, whether for TV or the big screen, I am sure much of the audience would naturally want to see the same creative team move on to the sequel.
In principle, you are correct. But getting to the practical side of it, LOTR is just a huge undertaking. Granted when Jackson did it, things were much more difficult. But Shakespeare has been around for centuries where seeing yet another Shakespeare adaptation is just normal. Plus, they're easier to manage, hence their multitude of adaptations.
We watched Branagh's Hamlet to read along with the play, but as much of a chore as it might have been to get through without the movie, we could have done fine without it, and even if it might have been more appreciated years later, the story always remains. Hamlet, like LOTR as the source will always be there to be loved.
It's a wonder nobody has re-adapted The Wizard of Oz into a film. Not these spin offs, the actual source which is totally different from the movie. There must be a reason.
I think that would be the way to do it. Adapt The Hobbit first. That would be most ideal. Practically speaking though, from a studio perspective, since we already saw The Hobbit as the last adaptation, they may think we might want to do LOTR next so it's not redundant. That changes things and where the annoyance may occur. But you do The Hobbit, yes, that will make an easier pill to swallow following into possibly doing LOTR.
Maybe HBO could do a series of all three books? Not necessarily three parts tv movies, but episodic where one season might cover Fellowship. That I would be open to and would be VERY interesting. But as Octoberist said, budget is difficult. That type of budget even for HBO. LOTR in some cases and to some people is the definition of an epic. Execution is just as important but at the same time, it demands a big budget to match that great filmmaker's vision. Cinema achieves this part over tv any day of the week.
Like most things though, like an re-adaptation of Jaws or splitting up a single book into two or three parts, cinematically speaking, I just deem it unnecessary. If you do something with someone's work, you do it once, you do it right, leave it be.
