Warner Bros. is closing out their massive, two-hour Hall H panel with the highly-anticipated The Hobbit: The Battle of The Five Armies. The Colbert Report host Stephen Colbert took to the stage as the surprise moderator for this panel, dressed in his Laketown costume from his cameo appearance in The Hobbit: The Desolation of Smaug. Peter Jackson was joined on stage by director Peter Jackson and cast members Elijah Wood (Frodo Baggins), Benedict Cumberbatch (voice of the dragon Smaug), Luke Evans (Bard the Bowman), Lee Pace (Thranduil), Cate Blanchett (Galadriel), Graham McTavish (Dwalin) and Orlando Bloom (Legolas).

At the end of the Q&A discussion, they released the brand new trailer, which you can take a look at below, along with some of the photos from the panel, via Warner Bros.' official https://twitter.com/wbpictures/|Twitter account, then read on for more details.

While it doesn't seem that Warner Bros. will be releasing this trailer to the public right away, the footage is set to a musical version of J.R.R. Tolkien's The Walking Song, which shows the intense preparations as the main characters prepare for battle, along with groups of Orcs and Elven warriors. We also see Galadriel walking barefoot across a battlefield to kiss a wounded Gandalf on the head, along with a scene where Smaug passes over Laketown. The footage ends with Thorin Oakenshield (Richard Armitage) asking Bilbo Baggins (Martin Freeman) to stand with him one last time. We reported earlier this month that the full trailer won't be ready until October.

The presentation started with a gag reel, than included Hugo Weaving switching from his Elrond character to Mr. Smith from The Matrix, along with Ian McKellen dancing in his underwear and Gandalf beard and numerous flubbed lines and practical jokes.

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Peter Jackson also revealed that he originally planned on shooting The Hobbit as one single movie for Miramax in 1995, and if that would have been successful, he would have went on to make two more The Lord of the Rings movies.

The director added that his goal was to have The Hobbit trilogy match the tone of The Lord of the Rings by the end of The Hobbit: The Battle of the Five Armies, and that he had his eye on Cate Blanchett for Galadriel way back in 1995, when she was a virtual unknown.

When asked if Galadriel will actually enter the battle in this final Middle Earth movie, Peter Jackson had this to say.

"We do get to see Galadriel 'losing it a bit' in this movie."

Peter Jackson also added that, one day, he hopes to build a museum that will house all of the props from The Hobbit and The Lord of the Rings, while teasing a massive six-movie Blu-ray and DVD set in the near future.

The presentation ended with the announcement of a new contest at TheHobbitFanContest.com, where fans will get a chance to win a trip to New Zealand. There will be 75 winners total, who, along with a guest, will be flown to New Zealand for the world premiere of The Hobbit: The Battle of The Five Armies.