This is the first of what would be a trilogy of movies based on Tolkien's novel The Hobbit, again directed by Peter Jackson, who also directed the Lord of The Rings trilogy. The challenge was how to make a relatively short book into three movies. So, unlike LOTR, where much was cut out to focus the story, here, a lot is added from Tolkien's other writings to flesh out the story. This movie is the one that is the most faithful to the book, with more detail being added to the second and third movies in the trilogy that were not in the book. An Unexpected Journey was released in 2012 and starred Martin Freeman, Ian McKellen, Andy Serkis, Richard Armitage, Ken Stott, Grham McTavish, Aidan Turner, Dean O'Gorman, Mark Hadlow, Jed Brophy, Adam Brown, John Callen, Peter Hambleton, William Kircher, James Nesbitt. McKellan and Serkis reprise their roles from the LOTR movies, and Ian Holm, Elijah Wood, Cate Blanchette, and Christopher Lee all reprise their roles in cameo appearances.
This movie focuses on the first part of the story, Gandalf introducing the dwarves to Bilbo, the trek through the mountains, and Bilbo's confrontation with Gollum (intercut between the dwarves battling the Goblins). The movie ends with the group escaping from the goblins and setting up the encounter with Smaug, which is the focus of the second movie.
This Extended Edition Blu-Ray is a three-disc set. The extended version is an 182-minute cut of the film, which adds about thirteen minutes to the 169-minute theatrical cut. The additions are less extensive than the added material in the extended versions of the LOTR films, most likely because much was added from the novel to make a trilogy of movies. Among the additions in the Extended Edition is an extended prologue about the dwarves and elves, a scene where young Bilbo Baggins first meets Gandalf, and several extensions to scenes introducing the dwarf clan (which makes the opening sequence drag a bit). And, there is a new scene in the Goblin caves involving the Goblin King.
In the movie, Martin Freeman plays the younger version of Bilbo Baggins, Ian McKellen reprises his role as Gandalf, Richard Armitage plays Thorin II Oakenshield, the leader of the dwarves, and of course, Andy Serkis as Gollum. We also do see some characters/actors from LOTR in cameos (or extended cameos) including Hugo Weaving as Elrond, Christopher Lee as Saruman the White, Cate Blanchett as Galadriel, Elijah Wood as Frodo Baggins, and Ian Holm as old Bilbo.
The real reason to get this set is the bonus material. On the first disc, there is a commentary track on the movie with Jackson and the co-writer and then a short featurette on shooting in New Zealand. Disc 2 contains Part 7 of The Appendicies, and like in the LOTR extended edition, there are several segments that you can watch individually or all at once. In all, they total well over two hours of material. Then, on disc 3, there is Part 8 of the appendices which has another nearly five hours of material. The appendices amount to two very long making-of/behind-the-scenes documentaries that cover pretty much all aspects of production (pre, filming, and post) and how the movie got made, how it was adapted from the source material, etc. So, if you are a fan of the books and/or the prior movies, they provide a ton of information. And, of course, the A/V quality is top-notch, with the special effects even better than what they were in the LOTR movies.
Overall, the movie is very good, even if it is a bit long. I personally think the opening sequence in which all the dwarves are introduced does get a bit long, but once they start out on their journey, the movie is well-paced and does not ever really seem to drag. If you are not a die-hard fan this set is probably overkill, but if you are, and love watching all the extras, this is definitely worth the pickup.