I think it shouldn't go to disney and the Tolkien Estate already said it would never give Disney any of the rights. Universal would do a better job at it than Disney I believe anyway like they are doing with WWoHP and would be done 10 years faster.
Meh,
Universal messed up WWoHP, and this comes from a first edition HP book owning hardcore fan.
Universal, in their rush to make WWoHP and grab money from the last movie rush, made it WAY to cramped, too small, and left out some cool details that could have further heightened it. They are making up for this now building the second part of it, which should have been done originally.
As a passholder at both places, I think Disney does a better and higher quality job on details than Universal, and a world like LoTR would need that.
That all being said, I believe this is not something that will ever see light. At least, not for a long while. I am in thorough belief that after AvatarLand is done, Star Wars land will be the next big creation at Disney World. It just makes sense.
I will say though, LoTR has a GIGANTIC following, and I could see it springing to life in a theme park one day (especially with the modern movies helping rejuvenate it). I think Disney would be good for it, however I think there are other things on the Disney mind right now.