I found this video thanks to Glenn Fleishman and he really sums it up best:

This 10-minute Hobbit walkthrough is a tour de force education in digital 3D stereography and filmmaking.

A few keywords that made my jaw drop: RED Epic, 48 fps, 5k, stored on 128 GB SSDs, Alan Lee and John Howe producing 3D artwork for Peter Jackson.

Alex Hoffmann @mangochutney