Maybe there can be a medium between the two; limited series developed by Netflix or HBO or something, that can take however long is appropriate without overstuffing an already full concept with frivolous stuff.
The only way I would want to see Codex on the TV is as a limited run series. Only make the number of episodes needed to tell the story. I prefer a limited run series over a movie because I would hope that the bare minimum would be left on the cutting room floor. Movies cut parts out to maintain pace and spacing of plot elements. If you have an 8 or 12 episode tv series pacing and plot spacing can be handled easier without resorting to cutting things out.
My argument against Codex being a series is that you will inevitably have to stretch it to fill each season. You will have filler, and I do not have confidence that it can be as good as the books. It's the opposite problem that film adaptations have (which is that they cut too much). I don't want a series about Tavi going to the Academy and learning that it sucks to not have furies while he makes unlikely friends like Max (for example). There's a reason that all of that stuff happened in the years between the books.
As far as filler goes, throw money at Jim Butcher and ask him to write some short scenes (doesn't even need to be short story length) detailing things like the battle of Seven Hills, Septimus meeting Isana, Septimus courting Isana, First Calderon/Death of Septimus, Fidelias between Academ and Cursor's Fury etc. Heck, most of them wouldn't even require a story treatment, just an outline of the locations, events, and actions.
Anyway, I just want there to be good, high production value adaptations. I think it'd be best served as a set of movies. If the meat isn't cut, I won't argue about the fat; I don't want another Harry Potter fiasco, which, in my opinion, should be an example of how not to faithfully adapt a story.
I think we have had this discussion before, but I agree completely with the mistreatment of the Harry Potter Book series. To me, this is the biggest example of the shortcomings of using movies to adapt a multi book series. Use HBO or Netflix limited series just to cut out meddling studios.
Peter Jackson did it right. He didn't lose much aside from Tom, and didn't mess up much aside from Faramir.
Peter Jackson did the LOTR trilogy right. I agree completely. I don't even mind the greater prominence given to Arwen. The Hobbit series is another example of a poor book adaption, but that cannot be laid at Peter Jackson's feet IMHO.