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Good news everyone! It turns out that the Lord of the Rings writing team will be joining Director Guillermo del Toro to pen the two-film recreation of Bilbo Baggins's adventures, The Hobbit. Considering they truly hit their stride writing and directing-wise with Return of the King, here's hoping that their collaboration on The Hobbit benefits from their time on the last three films.

Among the writers now joining Guillermo is Peter Jackson (obviously, right?), Fran Walsh and Philippa Boyens. It's not like this is supposed - the three additional scribes already have the deal locked down with a tentative start for shooting penciled in around autumn of 2009.

What I'm still curious about is the most obvious question: who plays Bilbo? Do they go with old man Ian Holms or a younger man to play the part.