I read the Hobbit and the Lord of the Rings long ago, LotR at 12, the Hobbit at.. 7, 8? Some time earlier - the Hobbit was easier to get through, the Lord of the Rings I had to slog through, but I'm stubborn like that. I'm going back and reading them now, and I'm halfway through Fellowship.
As for this trailer? It played on an unending loop in my head for something like a good 2 days. I'm so glad to see them treating the songs like that, because that drives me CRAZY when I'm reading the books - the party's captured by goblins in the Hobbit, and what happens? THEY SING. Yes, singing goblins, that's threatening! The story is going to be tricky to translate directly to screen, so in all honesty, I'm glad Peter Jackson's at the head, because Tom Bombadil being in Fellowship for the big screen would have been a tremendous mistake without undergoing heavy editing.
On the smaller details - I can't think of anyone better than Martin Freeman to play Bilbo, Ian McKellen coming back is awesome, and Howard Shore is still on top form.
Also - seeing James Nesbitt as a dwarf after seeing him in Jekyll? That is WEIRD.