A very nerdy rant.
The good news is that Guillermo Del Toro (of Pan's Labyrinth fame) will be directing a 2-part The Hobbit! Hot damn!
The bad news is that I really don't think Ian Holm will be playing Bilbo, the central character. Granted, Bilbo is supposed to be 50 years old in The Hobbit (as opposed to 111, as in The Fellowship of the Ring), but he did play himself as a 50 year-old man in a flashback in FOTR. They had to tape his facial skin back and airbrush him into oblivion, but they made it work.
Now, I've just re-read The Hobbit, all the while picturing a younger Ian Holm. And when I watch some totally new person play Bilbo alongside the same Gandalf (oh yes, Ian McKellen will be reprising) its going to ruin it for me. Utterly ruin it.
Lets just hope they give ol' Ian a face-lift and have done with it.