The trailer for the "Lord of the Rings" prequel just dropped, and our first look at "The Hobbit: An Unexpected Journey" is everything we want it to be ... and more.

In it, we see Bilbo Baggins (Martin Freeman) in his younger days as he embarks on his own adventure. Familiar faces abound, including Gandalf the Grey (Ian McKellan), Galadriel (Cate Blanchett), plus a slew of new characters, including more dwarves than we can count.

Be sure to watch through to the very end, when another familiar, dare we saw, precious, character returns.

Peter Jackson's "The Hobbit" opens in theaters a year from now, December 14, 2012. For more on the film, keep coming back to!

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