Jeez, the preview makes it sound all but certain he dies at the end!
Peter Jackson’s 3 hour LOTR orgy of the first third of the Hobbit was formulaic but, as for all fans, it’s just nice to see it in a quality live action on the big screen. Martin Freeman makes a lovely return as Martin Freeman with a lacquering of Bilbo.
-deleted rant about actors-
The Hobbit makes the list for the Moon Runes. Since they aren’t enciphered in the classic sense, this would qualify as steganography. I always liked a bit of stego with my Middle Earth halfling epics.
So go watch the Hobbit so they have enough money to finish this prequetrilogy!