Omg, why would Elijah Wood be in The Hobbit? He's not even born yet...

Anyway, as much as I really enjoy The Hobbit, Silmarillion pawns 'em all. PJ can simply pluck any of the chapters in there and it'll make a good movie.

I would dearly wish to see them make a movie out of Quenta Silmarillion - the war between Melkor and Elves but I think that alone might take another 2-3 movies.

Anyway, Beren and Luthien's arc might make a very good romantic movie. Wonder who will they find to portray Luthien if they really ever gonna make a movie out of the arc. She's the fairest of all the elves

The Silmarillion is the prequel to The Hobbit and LOTR. It contains several arcs -

Of Ainulindale and Valaquenta :
The 'birth' of Elves, the creation of Middle-Earth, and the 'betrayal' of Melkor who turned his back to Iluvatar (the creator of all things) and turned to darkness - bringing along with him the Balrogs and his trustred aide, Sauron.

Quenta Silmarillion - The First Age of Middle-Earth
This arc is mostly centered on the Silmarils and explains in details how Elves made their way to Middle-Earth. Also depicted in this arc is the awesome battles between Melkor and the Elves and the love between a Man and Elf, Beren and Luthien.

Akallabeth
This arc depicts the creation and fall of the Numenors (Aragorn's ancestors - Men gifted with the Elves' long lives). Sauron plays a bigger part here.

The Rings of Power and the Third Age
Mainly depicts the Second and Third Age of Middle-Earth. It explains in detail the creation of the Rings of Power and how he secretly forged the "One Who Will Rule Them All" ring.

Exactly. Why is Aragorn gonna be in the movie? Shouldn't we have a glimpse of Gimli instead? After all, the dwarves were involved as well but not Aragorn. I do hope that they don't throw in the LOTR characters into the Hobbit for 'reunion's' sake.