I haven't seen enough of the Hobbit yet to be much more excited for it. I still can't even figure out if its being cut up into 2 films or if the second film is some made up sequel I've heard rumors on
Have you not read anything on The Hobbit at all? I think anyone who has paid a tiny bit of attention knows it will be two films (they've even announced names for both), and both will include material from The Hobbit book and LOTR appendices.
Feel free to check in the LOTR section anytime and read The Hobbit movie thread.