I'm a huge fan of Ang Lee's work and I think he'll be able to give this film intelligence and not dumb it down.
However, I agree that a lot of his movies seem more like character studies that can be a bit dry at places. However, I think Ang could really pull this off. I thought he dealt with sex very well in the movie "The Ice Storm." I hope that people won't disappointed when this movie doesn't end up like a porno.
That said, I do hope he keeps the sex scenes real and in-character with the plot.
"I've got to get me out of here
This place is full of dirty old men
And the navigators and their mappy maps
And moldy heads and pissing on sugar cubes
While you stare at your books."