Finally, our first look at Peter Jackson’s return to the world of J.J.R. Tolkien! Check the traler after the jump!

Although what we’re all waiting for is the new teaser trailer for “The Hobbit,” which is expected to drop today, here’s a fantastic high res photo of Martin Freeman as Bilbo Baggins from Peter Jackson’s “The Hobbit: An Unexpected Journey.”

Despite set backs, it has been officially announced that principal photography for “The Hobbit” will start on Monday March 21st 2011.

A agreement has been made between the MGM and WB that would give the worldwide theatrical rights “The Hobbit” to the Warner Brothers.

Over the weekend actor Sir Ian McKellen wrote on his personal website hinting that he’ll reprise his role as Gandalf in Peter Jackson’s next two “Hobbit” films.