In the same way 'Lord of the Rings' was an interpretation of the book, 'The Hobbit' is being treated the same way. It will be faithfully represented with a fresh interpretation.
'The Hobbit' was one of the first biggish books I ever read. I remember vividly the 'riddles in the dark' passage, and it meant a lot to me to finally get to play it after all these years.
I just directed The Jungle Book with Cate Blanchet and Christian Bale.
People think, 'Oh, well how can 'The Hobbit,' which is one book, become three films?' But you can take one line from an appendice and it turns into a whole sequence.
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