Yeah. I think they'll be more careful with Mortal Engines (not least because Philip Reeve is still alive and would be pissed off at them), and it's got a lot more pulp-adventure bits and cinematic moment and tropes anyway so it's better suited for big-budget epicry than The Hobbit i think.
For those who don't know, the original series is a tetralogy, going Mortal Engines -> Predator's Gold -> Infernal Devices -> A Darkling Plain, though the second pair of books is set IIRC about 16/17 years after the first, so it includes another generation of characters. There's a few bits I bet they'll change a bit for the cinema, but it should mostly be a pretty friendly series to PJ's film style I think.