I'm REALLY glad they have Gandalf, er, I mean Ian McKellan -- as Gandalf!
Legolas? Sure, a little more of Orlando Bloom is fine. Galadriel? Kate Blanchett is absolutely awesome. Great!
Andy Serkis as Gollum? Whooot!
From the photos of the 'new' persons that I've seen on the internet -- Bilbo and Beorn are excellently cast!
As for Frodo showing up? Sheesh. No way.
Sure, maybe Legolas is seen in the background with the other Wood Elves, or Galadriel is visiting with Elrond in the Last Friendly House.
But Frodo was only 33 years old when Bilbo was 111. He wasn't even born when Bilbo went off on his Journey there and back again! Double sheesh!