Just watched the trailer, and I only have one thing to say: THAT WAS AWESOME!!!!!!!!
I would've been psyched for this movie even if it weren't being done by Peter Jackson and Co., since The Hobbit is the one novel by J.R.R. Tolkien that I was able to read and enjoy, but seeing the trailer just amped my anticipation for the Hobbit movie(s) up even more.
The trailer, IMO, had a very similar 'feel' to that of the LotR films, which is kind of impressive given that the Hobbit novel has a much different 'feel' to it than the LotR novels do.
It should also be noted that I'm a huge fan of Peter Jackson's LotR film adaptations, despite not being able to actually read the LotR novels due to the ponderous nature of the way Tolkien wrote them, and am very glad that the Hobbit movies are being made by, more or less, the same people.