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'The Hobbit' Trailer Takes Bilbo & Company on an 'Unexpected Journey' (Video)

The latest look at what is now the first of three "Hobbit" films debuts some new footage from the epic adventure.

The Hobbit Martin Freeman Bilbo Baggins Still - H 2012
Warner Bros.

Nearly all the old elements are back: the magnificent vistas, darkened caves, gregarious dwarves, a creeping ring-coveter, a glowing Cate Blanchett and a powerful greying wizard. Add in a hairy-footed Watson from Sherlock, and you've got a hot preview for the new set of chapters in Peter Jackson's epic adaptation of J.R.R. Tolkien's adventure series.

STORY: Peter Jackson Debuts 'The Hobbit' Footage at CinemaCon

Behold the second trailer for The Hobbit: An Unexpected Journey, which is now the first of three films in the prequel to the Oscar-winning Lord of the Rings saga. Starring Martin Freeman as Bilbo Baggins (and Frodo's forerunner), the film details a band of dwarves' quest to retake the Lonely Mountain and their treasure from the dragon Smaug (who is, coincidentally, voiced by Freeman's Sherlock partner, Benedict Cumberbatch).

PHOTOS: Meet 'The Hobbit's' Key Characters

Though the YouTube trailer offers plenty of breathtaking visuals, there has already been some rumbling controversy around the high-speed cameras Jackson used to make the film, and Warner Bros. will limit the number of theaters that will see it in 48 fps. 

The film hits theaters in December.