I'm a bit angry with it. Being my favorite book of all time, I really don't want them to fuck this up, but the unnecessary stuff they added is really pissing me off.
I'm not talking about having old Bilbo & Frodo as a framing device. While I don't love that idea, as long as they aren't in it too much it's fine with me. No, what annoys me is the extra stuff with Gandalf, that wasn't in the book. It's just Peter Jackson trying to make it more like his LotR films, which is a really bad move. The hobbit's story is on a smaller scale, than LotR, it doesn't need all this extra stuff.
Also, in the hobbit, the ring is nothing more than a magic ring bilbo found, that turns you invisible. From the short glimpse of it in the trailer, it appears they intend to portray it with a foreboding & evil presence, which is also a bad move.
This is of course, all based on a 2:30 long trailer, and I could be making a mountain out of a molehill, but as I said before; it is my favorite book of all time, and I just want to see it done justice.