Does a fairly tale in space really require a set of sequels? Furthermore, what is this obsession with trilogies? I mean, I like trilogies, but not everything has to have a trilogy. Why not just make one movie? Or two? Better yet, why not try to make a TV series instead? Heck, how about Lucas try making something other than Star Wars?
That said, if the movies are made with the the rumoured concept (i.e. story taking place well after the events in the original trilogy), then they might have a shot at being decent. I liked Knights of the Old Republic better than any of the movies and that takes place well before the original events. Placing the setting far ahead of the original story might bring in some sorely needed fresh ideas.
But whether or not the movies succeed will entirely depend on whether Lucas has shifted his focus and will make the movies based on what the fans think Star Wars is about and not what he thinks it is about. People who work in entertainment industries in general have trouble wrapping their ahead around the idea that they should be creating what the audience wants them to and not what they want to. The result is that many long-lasting franchises become "worse" in the eyes of fans. The controvery regarding the Star Wars prequel movies was precisely the clash between George Lucas's views and those of the fans.
For the sake of the fans (I may not be one of them, but I can still sympathise with them), I hope Lucas has shifted his perspective. Otherwise, they are just going to be in for another three-course disappointment....and this time, it might be one that destroys the franchise entirely.