How the actual is Jackson going to handle The Silmarilion...

I'm guessing others say the news today that Peter Jackson may be attempting a theatrical interpretation of the events of The Silmarilion. I love the Jackson films but the Silmarilion is a different animal...it's SO dense. The 3rd Age is, at least comparatively, grounded. The 1st and even 2nd age are magical fantasy land epic on steroids. Thoughts on how he could approach this?