Is Peter Jackson Screwing Up The Hobbit?

I have been following the casting of The Hobbit, and I don't get it. Cate Blanchett, Elijah Wood, Orlando Bloom?they're all going to be in the movie, but none of their characters are...

Source: http://feeds.eonline.com/~r/eonline/answer/~3/W8qhiTOFuDg/b220077_peter_jackson_screwing_up_hobbit.html

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