Having had a couple of days to think it over, I agree that, if the movie is going to work, it will have to be a pretty loose adaptation. Foundation (I haven't read the sequels) is more like a series of short stories than a novel; there's not a lot holding it together, certainly not anything like strong characters. So with a good writer and a competent director, you could make a good movie set against the backdrop of Foundation, maybe one that deals with the themes of collapse and rebirth, etc.
Or you could just have a lot of cool 'splosions. I think that "high-functioning hack" is a very apt description of Emmerich. Looking over his filmography, he strikes me as a bit of a throwback to directors under the studio system who would put out two or three B-movies a year: competent, entertaining, not especially original. B-movies are more or less gone (a real shame IMO), but Emmerich will do what he's been hired to do.