Sure thing, Stang.
Basically 4-5 years ago, Peter Jackson approached New Line Cinema about doing a live action movie for the Hobbit. New Line said, "Actually, we'd rather do a film of LOTR, and BTW would you cut the three books down to one 2-3 hour movie?" PJ informed them that was impossible, and with much blather everyone worked their way around to 3 movies, each 3 hours or so in length. PJ also took the step of having the 3 films made simultaneously in New Zealand as a cost saving measure. The films ended up costing 270 million U.S. $ to make all 3, which is excellent when you consider Collateral Damage, the new Schwarzenegger movie, cost 180 million all by itself.
The rest is incidental stuff like how the makeups got put together. That condensed enough?
