Return of the Elf

Remember the bad guy from Matrix?...
He was also head elf in Lord of the Rings and he's returning for the Hobbit movies

link in new window: EW News Briefs

Guillermo del Toro confirms Hugo Weaving in 'The Hobbit'

In an interview with BBC Radio 5 (at 02:10:55 mark), director Guillermo del Toro confirmed that Hugo Weaving will reprise his Lord of the Rings role of Elrond in the upcoming Hobbit films. Weaving joins Andy Serkis (Gollum) and Ian McKellen (Gandalf), who will also reappear in the two highly anticipated films, scheduled for a 2011 and 2012 release.

{spoiler below}
They're splitting the book into two movies.
The first one ends when the dragon dies.