I think it's mainstreaming (to borrow our local punk-clique's word) the entire genre. I've been quite amused of late; I've managed to aquire a bit of a cachet in that I "liked Tolkien before it was cool to like Tolkien" (to quote someone from Musical Theater).
Whether it will gain more respect . . .well, that depends on what you mean by "respect". From the mainstream world, possibly. The movie, by being the success it was, has sent something of a message: "Yeah, you like fantasy too. It's not just a geek thing." (whether this will last after the newness has worn off is up to question). From serious literati? Probably no one who didn't already consider Tolkien significant will think any more of him now.
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