Movies: The Hobbit
you might want to re-read The Hobbit then, LOTRs picks up where The Hobbit left off, at Bilbo's birthday party.
Sure.
Balin, Gandalf, and Bilbo are talking and smoking at the end of the Hobbit. Frodo is never mentioned in the entire book, as I remember.
Peter Jackson is NOT directing; he is producing. Sam Raimi is one name mentioned as possible director, but that may interfere with the Spider Man franchise. Gandalf is probably already cast, as Sir Ian McKellen was one of the main people pushing for The Hobbit to be made. Ian Holm (Bilbo in LOTR) had done a BBC Radio version, and did the short segment where he finds the Ring in LOTR, but is probably too old to play the role now.
I want to see Smaug! I wonder whose voice he will have. Also, the entire company of dwarves and the battle scene at the end should be good. Oh, and the trolls...gotta have the trolls.
It will definitely be much lighter and kid friendly, as the story is more of a fairytale type adventure rather than a save the world type epic like LOTR.
There is an official Lord of the Rings chess set. Pretty nice but pricey.
As for cast/director: please keep anyone even remotely associated with the recent Star Wars trilogy far away from it. Lucas & Co. will just turn it into a big FX insipid mess.
I just read that Peter Jackson has agreed to produce a 2-film version of The Hobbit. There were rumors...but now they are confirmed. The films will be made simultaneously, as LOTR films were. No release date as of yet...