- 1. There will be two films.
2. The two films will cover events in the timeframe of the book.
3. There will not be a "bridge movie" set between The Hobbit and The Lord of the Rings.
4. The filmmakers want to "expand" the story to include things not mentioned in the book that Tolkien thought of later.
4a. This presumably refers to the storyline of the White Council and Sauron's withdrawal from Dol Guldur.
5. The two films will be continuous parts of a unified whole which will itself blend with the LOTR trilogy.
Did I miss anything?