Well, the argument is whether a faithful representation can be made, yes. I've read The Shining. I *was* a big Stephen King fan, years and years ago in my youth. I *am* a big Kubrick fan. I dislike both the book and the movie. But I would say that the movie, while obviously and noticeably different, didn't hack the story into snack-sized chunks so digestible by today's audiences with the TV-induced attention spans of gnats, like most movies do that are adapted from novels these days. In fact, that could never be said about Kubrick; his movies are methodical and precise, when I'm being kind. Plodding and ponderous when I'm not - I'm looking at you, Barry Lyndon (the one Kubrick film I don't need to see again). I'm continually surprised to hear that King didn't like Kubrick's adaptation; I thought he did a remarkable job in capturing and reinterpreting the novel, as you accurately describe a director's job to be.
But this strays from the point. Of course I don't want a word-for-word, page-by-page regurgitation of a novel. But I also want a movie to at least resemble the novel that I've read; to do otherwise is misrepresentation. And movie studios, knowing this, very often create boilerplate contracts with authors that basically allow them to do this; I'm assuming mostly because they KNOW what's involved in faithfully representing a book, and for the most part they are incapable of doing that. The contract allows them to hack things to pieces, slap a high-paid actor's name on it, and call it "art".
To struggle to keep this on topic (which is often a task for me), I see this in no more prevalent situation than the comic book realm. I think that most comic creators don't have the kind of clout a big-name author does, and as such have even less power to protect their interest. Stan Lee is maybe the exception, and I think that his stories seem to have done well, for the most part. I should also state that am no comic fan; I can't tell you the backstory of any "superhero" besides maybe Spiderman and Superman. But I did read the Watchmen, a few times. And I can say that I can't conceive of a way that this movie will be anything other than a meandering mess, given the characters involved in the book and the short time in which to tell ALL their stories, plus their conjoined story(ies). I'd be happy to be proved wrong, however.