Update: Stephen Greydanus has an analysis up at the National Catholic Register:
[A]lthough we see some action here, the trailer seems intended to reassure fans that The Hobbit honors the intimacy and smaller scale of Tolkien’s book, that it hasn’t been amped up to bone-crushing Return of the King levels. The bucolic Shire scenes early in The Fellowship of the Ring remain among the most successful elements in the film trilogy, and the later chapters sometimes seem to me to stumble over the very ambition of the overwrought action.
Some people have suggested that Jackson and company were just working too hard toward the end of The Lord of the Rings, and made mistakes in judgment due to exhaustion. If so, I hope the rest and the smaller scale of this project pay off in a surer hand to the end. (Please, please, no skullvalanche-level tonal atrocities, no drinking-game bathos or video-game culture allusions, no staff-shattering sacrileges.)
Too right. While The Return of the King was certainly a greater movie than the two before it, its awesomeness was marred, for me, by all the Hollywood fist-pumping and crass sloganeering during the Battle of Pelennor Fields. Gimli and Legolas tossing out one-liners; that STUPID pink orc!; the Scrubbing Bubbles of the Dead – only partially redeemed by Eowyn’s Crowning Moment of Awesome and, in the Extended Version, Gandalf’s much-awaited confrontation with the Witch-King of Angmar. That battle is the one setpiece that prevented the trilogy from being totally flawless (only God is perfect), and the ambivalence which many of us felt about it was perfectly reflected in its appearing – twice! – on CNN’s list of the Best and Worst Movie Battles.