[CSteefel]

I am hoping that The Hobbit includes the attack on Dol Goldur, since that is contemporaneous more or less with the Hobbit. Otherwise, the Hobbit will lack any kind of significant historical context (unless the goal is to do a children's story).

The sequel could and perhaps should focus on Aragorn and his "errantries" over 20 years, service in Rohan and Gondor, but also the intriguing mention of his exploration of the regions close to Mordor. And the two times that Gollum goes to Mordor, first visiting Shelob, the second time to be captured by Sauron and then released. Otherwise, the broader story line would be the development of Aragorn as the "most hardy of living men...", and the search for the secret of the One Ring, including Gandalf's and Aragorn's search for Gollum. I don't see much point in dwelling on the Shire for this part...