After YEARS and YEARS of delays, filming has finally commenced on J.R.R. Tolkins, “The Hobbit” with Academy Award winning director Peter Jackson behind the camera once again.

Martin Freeman will be filling in as the title role, Bilbo Baggins.  Ian McKellen returns as Gandalf the Grey.  The projected budget, according to The-Numbers.com, is $270,000,000.  The movie will be filmed using the latest digital 3D cameras.  “The Hobbit” is expected to reach the cinemas December 2012.

The Hobbit

Peter Jackson on the set of "The Hobbit"