Saw this, loved it.
The Hobbit has always been my favorite of the Middle Earth stuff, mainly due to the awesome cartoon. I loved LOTR, however, and the blu-ray extended box is one of my favorite blu-ray releases (next to the pixar stuff and Star Wars).
I'm also a huge Martin Freeman fan, due to The Office, the Hitchhiker's Guide movie and Sherlock Holmes. He'll kick ass in this.
The dwarf designs are great, Gandalf is BACK in his classic robes (I was sad he was only like that in the first LOTR movie/book). The trolls, spider and eventual Smaug (voiced by the dude who plays Sherlock Holmes in the BBC series with Freeman, from what I've heard) will be great.
This'll make for a great Christmas, 2012.
LOTR fan site The One Ring (lol, nice name) has a scene by scene analysis of the trailer on their facebook page:
http://www.facebook.com/TheOneRingnet