No Aragorn or Arwen. Bad chronology and destined only to be cheesy.
Who wants to see posters of the Hobbit w/ Bilbo, Gollum and Aragorn and Arwen!
Emphasizing all of the many threads we find in Unfinished Tales material:
The Thranduil/Celeborn and Galadriel split . Thranduil seemingly inherited his father's anti-Noldorin bent and may have blamed the continuing problem of Sauron on the Ring technology which Noldor [galadriel's cousin [[2nd or 1st once removed?]]. Legolas can enter in subtly I would hope could that is probably more than we can hope for.
The above tension may be why Gandalf never specificaly tells Thorin how to get to Thranduil and out of the Forest [the trail ended mysteriously in the swamps after the last earthquake].
...Opening scene...
We would begin w/ Gandalf stealthily in Dol Guldor sneaking into the HQ to find Sauron [disquised as a wringwraith?] catching a peak of Sauron and meeting and receiving the map from Thrain in Dol Guldor, Sauron sends Orcs and such to follow the fleeing Gandalf down to the Anduin where and elven boat whisked him away as stray arrows whizz about, or better yet a rolling white mist aids the escape [and echoing Eorl's being aided by Galaldriel].
Gandalf is then seen conversing with Galaldriel and the White Council.
Saruman's dissembling hinted at.
Celeborn asks what can be done about driving him out, and Sauruman asking [slyly taunting?] why his kinsman Thranduil will not help especially as Sauron is in his Forest. Yes we all know the stated 'boundaries' of his realm, the forest north of the Old Road. 'Outside of it we no longer have for the concern the Exiles of The West, Eldarin and Edain have caused and stirred up. Period.
"Surely some way can be made to reunite us with one of the few allies in this region we should have, and for the Second Age did".
Perhaps a Glorfindel or Elrond... That kind of thing, but much better written I hope, and then as we see
Gandalf saying he would follow a few leads and then we cut to Bilbo at Bag End and Gandalf coming up the path and bidding him good day as Bilbo begins a painful and pitiful process of making a fool of himself in front of Gandalf and soon here after the Dwarves.
And so on.
I would stick pretty close to the book and re-use the Dwarf and Orc armies PJ will already need in the end to give us a meaty flash back of the basic events of the War of the Dwarves and Orcs over the execution of the Thror [my grand father says Thorin and the last King under the Mountain].
We would see the Dwarves do their ensemble and Baritone/Bass/Contrabass harmonies [I would make it somewhat reminiscent of the 3 part harmonies of the Georgian Orthodox Church. Angular, sonorous, but taking suprising turns, i have ne ver heard the folk music there. But it might be even more similar.
Should the destruction of Erebor be shown yet and Smaug the Magnificent be revealed early on, via's Thorin's recounting? I say no. Maybe a rush of wings and distant fire and hurrying refugees, perhaps a destructive sweep of a tail through clouds, battering the towers of Dale...
Gandalf and Thorin arguing [from The Quest for Erebor] once Bilbo was carted off from his fit....
Bree would be an interesting way point and a chance for us to see how isolated Bilbo has been as he encounter the Big People in Breeland, and maybe a last stop at the forsaken Inn and a glimpe of serious Ranger activity and perhaps a Troll alert posted on the front of the Door to the Inn!
After that a way most be figured out, i think to make use of the mockery of Thorin and Co. ,but eliminate the actual lyrics and childishness of the elves.
I would do it pretty straight from the Book till the Caves of Thranduil and hopefully PJ and Howe and Lee can catch the Avarin/Sylvan(east Elf) feel of the Elves there. Legolas can perhaps lead the band that captures the Dwarves...
Well something like that I would like, but my expectations are much lower.
to those who suffered through the first draft, my apologies

...
- L