For Stephen King fans, this is good news indeed. Ron Howard is an accomplished director with a lot of amazing credits to his name. The fact that he is slated to direct this project might mean that King's work will get fine treatment. Only time will tell.
I, however, have never read the books, but have been told numerous times that they are quite good. This might give me the push I need to set some time aside and read them. If you've read the books before, let me know what your thoughts in the comments!
You find out more about this news here and here.