My fear is that The Hobbit is going to turn into a B-plot its own movie.
That wouldn't be a bad thing - if it is the bones they hang the rest around, that would suit me.
Much as I like it, The Hobbit IS a kids book and rather 'fluffy'. I want it to be turned into a fully grown prequel to LOTR.
I have never read the book but had heard that it was for kids so I also hope Peter makes it into a more adult story and prequel to LOTR.