The Hobbit trailer has hobbled onto the internet. And Martin Freeman has never looked happier.

"I am a Baggins! Of Bag End!" he huffs, refusing to go anywhere.

Two minutes and thirty-two seconds later, and he's upped sticks, left The Shire, met a company of plate-throwing dwarves, picked up a sword and crossed paths with... well, you know who. (No, not Voldemort, silly.)

And the best bit? Not the wonderful set design that looks completely consistent with Lord of the Rings, not the nifty camerawork of Peter Jackson, not the return of Ian McKellen's Gandalf, Richard Armitage singing or the promising visual effects - it's the fact that Jackson knows just how much to reveal.

There's internet fan hype. There's pointlessly dissecting The Dark Knight Rises trailer. There's releasing previews of previews of teasers of trailers for films that aren't out until 2012. And then there's the perfectly judged first trailer for The Hobbit.

Read on to see the full video - you can see the actual film this time next year.

And in case you're still not feeling the Middle Earth-shaking excitement, don't forget that the cast list includes (BREATHES IN)... Ian McKellen, Cate Blanchett, Orlando Bloom, Ian Holm, Christopher Lee, Hugo Weaving, Elijah Wood, Andy Serkis, Martin Freeman, Stephen Fry, Bret McKenzie, James Nesbitt, Benedict Cumberbatch, Sylvester McCoy, Lee Pace, Aidan Turner, Evangeline Lilly, Luke Evans and Richard Armitage.