Spirited away to Earthsea?

Locus and other sources report that Goro Miyazaki, son of Hayao Miyazaki, is producing an animated adaptation of Ursula LeGuin's Earthsea tales.

I always thought Earthsea had a kind of mystical, eastern feel to it, and I always imagined Earthsea as having the same kind of sparse, misty beauty as much Japanese art. If Studio Ghibli refrains from inflicting silly alterations on LeGuin's characters and world, this could be much better than the recent SciFi Channel live-action miniseries, which was visually gorgeous but differed from both the letter and the spirit of the original stories enough that Ms. LeGuin officially disowned it. The artwork from Studio Ghibli's webpage looks promising -- will the other aspects of the production live up to the story?

(Aside: Check out the Unshelved Book Club's take on Ged -- the titular "wizard of Earthsea" -- versus a certain young wizard of England.)