Nah, it'll be more like a MMOG than ever, and less like a good fantasy novel. It'll be more over-the-top, with more power, and less ability for the DM to structure adventures with established boundaries and consequences (which are kinda important to any game). It's not high fantasy, dude, it's extreme fantasy!
Sad, but most likely true.
That's cynical, but it is the trend that D&D has moving towards for years. Eberron's a pretty bold statement about how unimportant it is for the game to be even remotely accessible to new blood coming into D&D fresh from seeing the LotR trilogy or having read the canons of Howard or Leiber.
I think Eberron was more for those gamers who have been playing "Tolkien D&D" for so long that it had gone stale. And when I look at D&D, not a great deal of it seems that close to Tolkien. Do not get me wrong, a great deal of material is heavily inspired by Tolkien, but the super-high magic levels (spellcasting and magic items), the classes, and the abilities are something incredibly different than Tolkien. It would be nice to see an actual Tolkien sort of world, not so much a rip-off world, but one that draws from Anglo-Saxon, Nordic, and Frankish myths, stories, and history.
But another problem with gearing D&D towards Tolkien D&D is that there is plenty of other fantasy that is not Tolkien, despite the fact that most modern fantasy is rehashed Tolkien, which draws not on new materials and ideas, but on Middle-Earth itself. What about the fantasy based upon the Chronicles of Thomas Covenant, Earthsea, A Song of Ice and Fire, The Wheel of Time, Conan, The Farseer Trilogy, Ancient Civilizations (Egyptian, Greco-Roman, Mesopotamia, Ancient China, Mesoamerica)? Is D&D generic enough to provide players and DMs with what they want in a world?
Of course not, which is why D&D needs to have the flexibility that d20 Modern laid the groundwork for and Grim Tales improved.