This may be like, OT or non-contributory to discussion specifically about this film, but my problem with the making of The Hobbit
is that I'm a huge, huge JRRT fan - and it's taken years to get this project MOVING, much less completed, I think the estimated release date is in 2012? or 13?
But my gripe isn't how long its taken, it's the fact that for all this work, for all this waiting... to be prefectly honest, the Hobbit is the retarded kid of the bunch - there are SO MANY MORE interesting stories to be told OTHER than The Hobbit. If they managed to get production companies onboard for a 2-part Hobbit movie, they could've probably gotten them onboard for a 2-or-3 part story based on the Silmarillion... AND BEFORE I hear one damn whiney little LOTR-poser of a JRRT fan bitch and moan about how the Silmarillion is like an encyclopedia that you can't tell as a story, I've read it like 5 times, I've read the entire history of middle earth, the tales of numenor and middle earth, the poems of tom bombadil tales from the perilous realm - and The Silmarillion ABSOLUTELY has a primary continuous storyline that could be followed - the war of the jewels.
A Silmarillion film would have way, way, WAY more solid storytelling material to work with than The Hobbit. You've got fantastically interesting characters like Feanor, Fingolfin, the whole House of Elwe, the killing of the Trees of Valinor by Morgoth and Ungoliant, and story of the Noldor, the story of Turin Turambar and Niniel, these huge epic battles that took place between the Elves and Morgoth, the fight of the first Balrog with Glorfindel, the story of the fall of Gondolin; you have plenty of opportunities to reference or even include familiar characters from LOTR like Elrond and his brother the first king of Numenor Elros, Galadriel, possibly Arwen since her date of birth isn't set in stone, Celeborn, even antecedents of Aragorn like his ancestor Earendil, you've got the early history of Numenor if it went that far, I mean if it were ambitious enough you could lead right into the prologue of FOTR with the battle where the ring was cut.
The Hobbit was written in the 30's, basically for Christopher, as a little children's story side project, it just so happened to take place in the same universe. LOTR and The Silmarillion have far more in common in terms of style, composition, and story elements.