The new film will actually be inserted into the middle of the trilogy and so become the second film and the once second film,
The title of the new film will be
Now part 3 will be release, not in December 2014 as many had thought, but on July 18 2014 and will be a big summer film instead. This is the thing that is actually causing the most controversy.
I actually agree, to have a Middle Earth film in July will feel wrong, the beauty of the Lord of the Rings trilogy was the build up and excitement through the year and the seasonal release of the films added to the splendor, this July release will seem odd, and out of character.
Despite this and the fact that the bit Hobbit fans are claiming that there simply isn't enough material for 3 films and he's using a lot of material that is not directly The Hobbit, I am really looking forward to these films so roll on July 18th 2014 when they will all be released.