Here is another production photo courtesy of Entertainment Weekly from the set of the new Hobbit movies directed by Peter Jackson.
This photo shows Martin Freeman as Bilbo Baggins at Bag End with the dwarves in the background. The dwarf with the black beard is Richard Armitage who will play Thorin Oakenshield, the leader of the dwarven company.
Freeman certainly looks the part and and I'm sure he will be great as a young Bilbo.
The first of the two films, The Hobbit: An Unexpected Journey, will be released in December 2012.