We heard last month that some sort of Lord of the Rings/The Hobbit announcement would be made, and now we know what it is.
The Lord of the Rings trilogy will finally be released on Blu-ray next April. According to Video Business the nine-disc set will contain the original theatrical versions of the three films along with more than seven hours of special features. The supplemental package will contain mostly special features that were on the various DVD versions of the movies, including featurettes that were originally on LordoftheRings.net. However, the Blu-ray versions will offer high-def trailers.
The extended editions will be released at a later date, presumably when The Hobbit is released in 2011.