I can't believe they are doing this.
Depend on what they do with it.
If they focus more on the adults, that could be interesting. For example, young Snape and Lily and James Potter, if they go much deeper into that. That could be phenomenal. Or Hermoine and her "Mudblood" backstory. Draco and his father's relationship with more complex exploration. Hugh Grant was the original choice to play Lockhart. But if they could get him now, to do that but with a long look at the pathology of his failures and narcissism, that could be gold. There's also a lot of conflict and heft with Harry's Aunt and Uncle, that entire situation.
IMHO, there's real narrative juice here, but it only happens the further they get away from Harry himself.
Making this show would be the best life insurance policy that JK Rowling could have for the next decade. She's been getting non stop serious death threats for a long time now. The studio will look at the potential merchandising money angle and then just hire a private army to surround her at all times. Nothing would fracture the entire Potter universe and fanbase than Rowling getting gunned down in some parking lot somewhere. It will look like a cut scene from a Call Of Duty video game, Rowling in some grocery store surrounded by 15 PMCs.
This could be a pretty good show. If it's done right. Honestly, the further they take it away from an American production and American cast, the odds of it being viable becomes better.