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I'll take it! Even though he's not directing, I'm perfectly confident it'll be up to snuff with Jackson producing.
My only real worry at this point is casting; by most accounts, McKellan wants to come back, though I recall him saying something about how he wouldn't unless Jackson was directing, though I would guess that this would be good enough.
Not sure who's playing Bilbo. Ian Holm, digitally youngified? Someone new entirely?
Seeing who gets the nod as the voice of Smaug should be quite interesting, too, though they'll be toying with the audio anyway, I'd imagine, so it might not be terribly important.
No word yet, I imagine, on whether or not Andy Serkis will be providing the mo-cap for spider #12.