Dunno if this is news or not, but I have it on good authority that New Line execs have seen a 3.5 hour director’s cut of Fellowship. Word is that it’s being pared down to 3 hours. I was only expecting 2.5, so that’s good news as far as I’m concerned.
My source says that an exec was enthusiastic about the movie. He has apparently read the books and approves of what PJ has done. He specifically mentioned the scenery, the acting, and the effects as being magnificent.