I got to see the trailer for The Hobbit three times in a row at Butt-Numb-A-Thon this year, and I will tell you that the 3D version is wonderful. The 2D version is pretty friggin great as well, and you can see that above.
Like many of you I was unsure about Peter Jackson retreading old ground by returning to Middle Earth, but from this trailer it seems like the journey back has revitalized him. The trailer is filled with light, wonderful moments... and just enough foreboding about what is to come after. I love all of it.
My question for Tolkein fanatics: is the song sung in the trailer actually modelled on Misty Mountains Cold from the Rankin/Bass The Hobbit, or is it actually based on something in Tolkein's writing? (For clarity: is the arrangement original to Rankin/Bass or did Tolkien specify it?)