The good news is that the project will be on it's way. The bad news is having to wait 3 to 4 years to watch it :(

>In a major step forward on “The Hobbit,” Guillermo del Toro has signed on to direct the New Line-MGM tentpole and its sequel.
>http://www.variety.com/VR1117984595.html
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>While it doesn't say so in this story I've heard that instead of breaking the Hobbit into 2 movies they're going to make it in one and then write a completely new narrative for the sequel to bridge the events of the Hobbit and the Fellowship of the Ring.
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>Thoughts?