[discostu]

It would make a better miniseries, nothing terribly exciting happens but it’s got a lot of really in depth story that needs room to breathe.

[Vanders9]

I disagree. If you read it very closely, you see that there is an awful lot of action, it's just most of it happens "off-camera" as it were. Well, with Peter Jackson behind it, it all COULD (and would) be seen.

For the record, I think the silmarillion is too sprawling to make into a film series like LOTR. Theres also no hobbits. What you could do would be to produce films from the longer and more developed stories in it, like Beren and Luthien for example.