I don't think The Hobbit was gritty enough if you catch my meaning. The type of realism I would like is impossible for that kind of movie due to its universal target audience. It kind of exists between all worlds. More so than LOTR.
In a film like Ninja Scroll (anime, granted) the fight scenes are inseparable from the experience. No one was invincible and death was ever-present, and that was what many people perceive to be a cartoon.
I think generally, all that really matters is whether people inherently like it or not, which brings us back to the saying to each their own.
A Shinobi film like Ninja Scroll would be awesome. Sadly I doubt we'd ever see it because it's too gory despite the fact that NS was a masterpiece with a noble main character.
I suspect that Sega will simply try to convert these IPs into a quick profit any way they can, even if they are mediocre. We shall see!