PJ's Cameo in "An Unexpected Journey"
 

Did you spot Peter Jackson in the (first) Hobbit movie? I didn't, but have read that he is one of the dwarves in Erebor when Smaug destroys it. That would be the flashback early in the story. Please let us know if you see him!

I think I spotted him first time, and in subsequent watchings I have become more convinced that it's him.
During the Dale scene there is a woman with gigantic black side burns selling things. It looks a lot like PJ with lots of make up on. The camera stays on him / her a tad too long to just be a random background character.
I could be wrong, but when the DVD comes to town I will make sure I get a screen capture of it!

Aw. I hope he's also the Dale woman!

That could still be a Dwarf woman, but an especially beautiful one ;)

Nonsense. An especially beautiful Dwarf woman has a beard at least as far as her waist.

And sideburns so luxuriant she never needs earrings? :D

Director's privilege I guess you could call it. Are there any other directors/producers that do this?

I believe Alfred Hitchcock appeared in most, if not all of the movies he ever made.

Stan Lee usually appears in all the Marvel films based on his comics (which I won't complain about).

BLAST! And I was so sure! Oh well. :(