Peter Jackson would like to film The Hobbit.
"I'd be interested in doing it because I think it would give continuity to the overall chapter," he said.

Many of the lead "Rings" characters do not appear in The Hobbit, but the wizard Gandalf, played by Ian McKellen, and Gollum, the cave dweller corrupted by the powerful ring, do and should make a comeback. Arwen, the elf princess played by Liv Tyler, could also feature again, Jackson said.
Arwen? ARWEN?? I realize Jackson's got a major boner for Liv Tyler, but given the fact that she is not going to be aging backward during the interim, just how the hell would Arwen fit into the prequel that occurs some sixty or so years before the action in the Ring cycle?

Not to mention the fact that Ian Holm can't be expected to film an entire movie where he's in nearly every scene with his face taped back, and replacing him as Bilbo could be difficult.

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