All right, so it's been confirmed. Instead of 2 films for The Hobbit PJ is intent on making 3.
As Peter Jackson announced in his release:
"We know how much of the story of Bilbo Baggins, the Wizard Gandalf, the Dwarves of Erebor, the rise of the Necromancer, and the Battle of Dol Guldur will remain untold if we do not take this chance. The richness of the story of The Hobbit, as well as some of the related material in the appendices of The Lord of the Rings, allows us to tell the full story of the adventures of Bilbo Baggins and the part he played in the sometimes dangerous, but at all times exciting, history of Middle-earth.
So, without further ado and on behalf of New Line Cinema, Warner Bros. Pictures, Metro-Goldwyn-Mayer, Wingnut Films, and the entire cast and crew of “The Hobbit” films, I’d like to announce that two films will become three."
So there we have it.
Now for my concerns. I love the story of this little Hobbit and his companions. The Hobbit was the first of Tolkien's books that I had ever read and it utterly captivated me. Which is why I admit to mild concern. I don't want Bilbo's story getting lost in the story of the Necromancer, as fascinating as that tale is in itself. (Note: If you want to read it, this bit is found in the 1st couple of Lord of the Rings appendices and it's some pretty heavy reading).
I was always under the impression that the story of 1 hobbit and his adventures was enough to fill a book. Which is why everything else made it into those appendices. I'm not denying PJ's drive or his passion. This man loves Tolkien's Middle Earth probably almost as much as Tolkien himself loved it. I just pray that Bilbo doesn't get lost in the shuffle of such a monumental story that PJ's endeavoring to tell.