I am so excited that there going to be doing the Hobbit

Peter Jackson will be the writer and producer, but not the director. That means he'll still have major oversight into the final product. The director will be Guillermo del Toro. He's the guy that did Hellboy and Blade 2, among other things. He's taking it very serious and doesn't want to disappoint LOTR fans.

i'll add to the info. they are doing a two part movie.