I was also thinking along the lines of reality tv.
Why, it could be like "Amish in the City" meets "The Trip". The Hobbits being the totally clueless Amish of course and Legolas a shallow teen who goes "Oh My God" when he finds out Frodo doesn't know about fashionable jewelry - the One Ring being of course só last season. Aragorn would be the mysterious brooding gothic poet type. Gandalf is the only one who actually finished high school.
They would be rapping instead of singing nice Elven poetry and Shadowfax would be an extremely hot-stuff surfboard. This could so work. Totally.