Considering his Star Trek was basically a Star Wars movie already, this is probably good news. Abrams catches a lot of shit from the Internet for some reason, but his track record is actually pretty impressive. Mission: Impossible III, Star Trek, and Super 8 are all solid, fun popcorn movies, and though his actual level of involvement (not to mention the overall quality of the shows) might be debatable, Alias, Lost, and Fringe were all interesting, ambitious shows.
Better him than someone who would make it "gritty," "extreme," and "douchey" like Zack Snyder or a pretentious asshole who would try to "reimagine" the franchise like Darren Aronofsky or something, anyway. And whatever he does can't possibly be worse than the prequels.
So I'm cautiously optimistic.