Finally, the first trailer for The Hobbit: An Unexpected Journey has been released. Peter Jackson returns to direct the adventure of young Bilbo Baggins (Martin Freeman) who sets out on an adventure with a company of dwarves. This trailer really is like a warm embrace from an old friend. While most trailers this far out from release show very little in the way of footage, Jackson shows off a great deal. Freeman looks excellent as Bilbo, the dwarves are fantastic (they sing!), and the tag brought a big smile to my face. While a year is a very long time to wait, this snippet is a swell look into the wonder to come.

Hit the jump to check out the trailer. The film also stars Cate Blanchett, Hugo Weaving, Elijah Wood, Orlando Bloom, Andy Serkis, Luke Evans, Benedict Cumberbatch, Evangeline Lilly, and Stephen Fry.  The Hobbit: An Unexpected Journey will be released on December 14, 2012.

Click over to Apple to watch in HD.

Here's the official synopsis for The Hobbit:

“The Hobbit” follows the journey of title character Bilbo Baggins, who is swept into an epic quest to reclaim the lost Dwarf Kingdom of Erebor, which was long ago conquered by the dragon Smaug. Approached out of the blue by the wizard Gandalf the Grey, Bilbo finds himself joining a company of thirteen dwarves led by the legendary warrior, Thorin Oakensheild. Their journey will take them into the Wild; through treacherous lands swarming with Goblins and Orcs, deadly Wargs and Giant Spiders, Shapeshifters and Sorcerers.

Although their goal lies to the East and the wastelands of the Lonely Mountain first they must escape the goblin tunnels, where Bilbo meets the creature that will change his life forever … Gollum.

Here, alone with Gollum, on the shores of an underground lake, the unassuming Bilbo Baggins not only discovers depths of guile and courage that surprise even him, he also gains possession of Gollum’s “precious” ring that holds unexpected and useful qualities … A simple, gold ring that is tied to the fate of all Middle-earth in ways Bilbo cannot begin to know.