It is not about what it adds to the movie, or not. It is about what it adds to the marketing process. Avatar was a mediocre movie if you take away the 3D and hype surrounding the movie. It was a very well played marketing event, where the masses just felt they had to see this movie. The 3D movies after that did not play this game as well. Jackson, of course, has proved he knows exactly how to play it. So this movie will be a big event, that everybody has to watch, and they will discuss the 3D, whether it is good or bad, and it won't matter, like Avatar, because those people discussing it already payed for the movie. Personally, I'm gutted Guillermo isn't going to make it, but "just" Jackson. The LOTR was excellent, but had its failings, mostly with the characters and story telling. It was a series of rollercoaster events with no depth. Jackson's weak points are Guillermo's strong points. Since the Hobbit is a smaller movie (in the sense of less rollercoasting) it would have been perfect for Guillermo, and at least very interesting considering the movies he had made in the past. I hope the Hobbit turns out well, but frankly I expect a 3D King Kong/Avatar type of movie with little depth, which, of course, will make huge amounts of money nevertheless. The 3D of course suggests Jackson will still not be concentrating on depth. I'll be happy if he manages to avoid jumping the shark. He came close sometimes in LOTR, with Legolas surfing the enormous CGI elephants, and an CGI army of the undead flooding a battle field.