Martin Freeman & Richard Armitage cast in THE HOBBIT

We've heard that they've had more than one setback in getting the production off the ground but Peter Jackson is now on board to direct and he's announced some of the cast including

Martin Freeman

(as Bilbo Baggins)
and
Richard Armitage
(as Thorin Oakenshield)

Other cast members so far:

Aidan Turner (Being Human) and Rob Kazinsky (EastEnders) will play Kili and Fili, members of the Company of Dwarves. Graham McTavish (Secretariat) will play Dwalin, John Callen (Power Rangers Jungle Fury) will play Oin; Stephen Hunter (All Saints) will play Bombur, and Mark Hadlow (King Kong) plays Dori, while Peter Hambleton (The Strip) will play Gloin...

Is this what Richard Armitage will look like as Thorin?

Speculated cast:
James Nesbitt and David Tennant are up for roles, and that Ian McKellan and Andy Serkis are expected to reprise Gandalf and Gollum, though I don't believe they have made deals. Stephen Fry, Saoirse Ronan and Bill Nighy (as the voice of the dragon Smaug) are possible participants, and Aiden Turner is in contention for the Elf King.

Info taken from Deadline.com

More photoshopped pics...

Thanks to @FreddyAndAlver for giving me the news although I'm not entirely sure about RA in this... Thanks to @the_squeee for link to photo