It's going to take place generations before the events of the novels. Not sure how I feel about that but hopefully it means they'll adapt the novels towards the end in the last few seasons.
Rothfuss is also part of the show as a producer :/ (surprise, making a prequel show before his next and last book that everyone's been waiting for). I'm excited though I'm not sure how well things will translate. The book lore isn't as expansive as something like ASOIAF and the actual books themselves are pretty slow placed at times so I've got to wonder how they'll make it work.
And I say that as a big fan of the books. It's just them trying to find the next GoT-style franchise, and they have literally nothing to base it off of if they aren't doing the books. Interesting as they are, the books are a personal narrative, not a world-building adventure. I'm not surprised at this announcement, but it's a bit disappointing, and no more newsworthy than if any other generic fantasy show had just been announced. If this spurs on the development of Book 3, though, that will be something. But I'm unlikely to want to watch the show.