Three hours and 20 minutes? Is that all?
The cinema in town is wanting to do a movie marathon with all THREE movies. I just hope they get the equipment. **fingers crossed**
And I can confirm what Mom of 10 Cats said too. Peter Jackson will indeed direct The Hobbit, (that's the name of the prequel to Lord of the Rings), after King Kong wraps in New Line Cinema can get the rights to it. And I really really really hope that they can. They're negotiating as we speak from what I understand from the article that I read. And so far, the actors that worked with Jackson have all said if given the opportunity, they would work with him again. So very likely that the same actors will play the same characters that appear in The Hobbit.
AND...they still have parts of Hobbiton set pieces on a farm in Matamata, so it's only right that they film The Hobbit, and once again in New Zealand. I'm an Aussie but I'm setting rivalry aside for the love of Tolkien.
AND...remember Bag End? Bilbo and Frodo's home? Well Peter Jackson is having all of that transferred to his property in New Zealand and building it into a hill as a guest house. He asked New Line if he paid for all of the storage costs whether he could keep it and of course, they let him.