That it's a fake is, I think, probably fairly easy to see. I think the dragon scenes come from Dragon Heart.
The reason I'm posting it is because... well, watch the trailer for The Fellowship of the Rings:
Skip to the very end. All you see of the Balrog - pretty much Smog's counter-part in The Hobbit - is his foot. That's all anyone saw right up to the movie's release. And that's all we're going to see of Smog if even that.
Watching the 2008 Summer Olympics opening ceremony on TV, one thing I noted the newscaster said was that the means by which the torch was to be lit was an extremely closely guarded secret known only to a few select individuals. That's what Smog's appearance is going to be like.
Yeah. And Ian Holm is about 30 years too old to play as Bilbo. Also, according to IMDB, Peter Jackson is producing it, not directing it. Del Toro is apparently doing that. Although, it did show footage that I hadn't seen (Gandalf scratching the mark on Bilbo's door, more footage of Bilbo holding the ring, etc.), I'd have to agree that it's pretty fake.