There are ppl who prefer books and ppl who prefer tv/movies, the larger audience always goes to the tv series/movies an adaptation does not really go after the book fanbase because its generally far smaller.
There was nothing wrong with wheel of time it has high ratings and was a good solid show just like many shows that have been released, its just the hardcore fans bitching about it noone else, you are either going to like something or not. A new tv series or movie doesnt have to be labled as the best thing ever to be successful of good. The audiance that watched wheel of time is 3-4 times larger than who bought the books.
The LOTR series will be a good solid series, its not going to live up to expectations built up from the movies and the hardcore fans will 100% bitch about it while the rest enjoy watching it. Plus you cant do things from a book written a long time ago, things have to be changed to be suited for the current time and many things are subject to change to make it suitable for a tv series.
Following a book to the letter costs far more money than it would be worth doing it for, also a tv series would need to be 20 plus episodes again to even fit it all in so its not practical to follow a book as closely as possible, getting it close enough is more than acceptable.