"The Hobbit" to premier in 2011?

It's official movie fans -- New Line Cinema and Peter Jackson have announced Guillermo del Toro as the director of the "The Hobbit" and a sequel. What I find really interesting is this:

As part of the deal, Del Toro will relocate to New Zealand for the next four years to work with Jackson and his production teams at Wingnut and WETA. He will direct the films back to back – telling the story of "The Hobbit," and its sequel, which will deal with the 60-year period between "The Hobbit" and "The Fellowship of the Ring," the first book in the "Lord of the Rings" trilogy.

Apparently Jackson, Fran Walsh (Jackson's wife, writing partner and production partner) and Del Toro are planning an entirely original film story that will tell Bilbo's and Frodo's stories from the time of Bilbo's return from the Misty Mountains after defeating Smaug, through his adoption of Frodo, up to when Frodo flees The Shire with the Nazgûl hot on his heels.

I just hope they can get Sir Ian McKellen to reprise his role as Gandalf.