[Quarkboy]

Actually, what I would love to see would be a collaborative work like The Animatrix... i.e. a bunch of different avant guard animation studios, each do one of the stories in "The lost tales" or "The silmarillion".
15-30 minutes for each one, in whatever animation style fits best... That would be a great way to tell some more lore of Middle Earth but also make for an artistically interesting work.