Peter Jackson, talking to MTV while doing press for THE LOVELY BONES, kinda sorta lets us know who to expect: “Gandalf, being a 2,000-year-old wizard, is still around and plays a major role in ‘The Hobbit,’ and we’re having Ian McKellen reprise. There’s a couple of other characters: Elrond, who was played by Hugo Weaving [in the original films], and there’s a possibility of Galadriel, who was played by Cate Blanchett. They are elves, so once again, in the realm of Middle-earth, they’re immortal, they don’t age.”
THE HOBBIT is currently set for a December 2011 release. Expect to hear real actual concrete information about casting and what not after the new year.