Elijah Wood to Play Frodo in The Hobbit!!!

Recently, it was announced that Sir Ian McKellen and Andy Serkis will be reprising their roles as Gandalf and Smeagol/Gallum in Peter Jackson's 'The Hobbit.' But, now it has been announced that Elijah Wood will reprise his role as Frodo Baggins in the prequel. Elijah Wood recently said in a interview with IGN,
"No, we thought we were finished and the character doesn't even exist in [the book of] The Hobbit, so it was not even a pipe dream to imagine the possibility would be there for me to reprise the role of Frodo. But they've come up with something that I think is kind of interesting and I think very fitting that doesn't necessarily infringe upon the integrity of the original novel. It's great. I'm really excited.
Those films marked a huge, massive experience in my life. It's been 11 years, basically, since I went to New Zealand, so it'll be a beautiful reunion and I'm just excited to go back and see everybody again."
Although he did not go into much detail as to where his character would fit into the films he did say he won't get much screen time stating, "I think it'll be relatively minimal. That's my impression. I actually haven't read anything yet. I haven't read a script."

What do you think??