This is in response to an old discussion but ... The Hobbit is a short book. To squeeze not one but TWO full length feature movies out of it, Jackson will not only be cutting absolutely nothing, he will be adding stuff. E.g., there is no scene with Galadriel in The Hobbit. I wonder what other stuff Jackson put in.Warning: Spoiler! (Click to show)
I will bet that Gandalf's role is expanded significantly. Gandalf is absent for much of the book. He's there at the very beginning, then disappears, then saves them from the trolls and takes them as far as Beorn's, and then does not reapper again until after Smaug is dead, which is very near the end.