Via info from The One Ring.net, it will actually clock-in at 4hours and 10minutes. Appears the confusion began when a reporter thought he heard 4:50 instead of 4:15. The release is supposed to be the usual - November. Having been a lucky one to go to the TRIOLOGY TUESDAY event, I can't wait to do it again albeit from my couch instead of those seats!!
There's also sketchy info that the 2005 Trilogy Box Set may contain a bonus disc with deleted scenes that were not included in the extended editions.
More info that there's "talks" about The Hobbit going on between New Line and MGM, but Jackson said he'd like to do it -- "I am certainly interested in making 'The Hobbit,'" says Jackson, wearing his now-trademark knee-length shorts in a swanky Hollywood restaurant. "I definitely wouldn't want to see anyone else do it." As well as Ian McKellan being eager, they only need Gollum, Bilbo, and Elrond to make return roles.
BRING IT ON SMAUG!! BRING IT ON!!