They are really simple, just fur bought from a craft store, you only need a tiny bit so look for scraps, superglued onto some flip-flops. Then just add some cropped trousers, a shirt and a waistcoat and voila, instant hobbit costume. Capes and Rings of Power are optional extras.
I don't know why I'm so excited for the Hobbit, I'm not really that keen on the others to be honest, I just think Bilbo describes them perfectly in the Fellowship, "like butter, spread over too much bread". To me, they just go on and on and lots of stuff is crammed into them but not much actually happens. Some people disagree of course, one of my best friends actually thinks the Hobbit films are better than Lord of the Rings but that makes me want to cry. The Hobbit as a film I think is just...alright, whereas LOTR is in my opinion, one of the greatest series of films of all time. I think the thing that most annoys me about watching the Hobbit is that you just get the feeling that it could of been amazing, but that has been lost behind Hollywood's desire to make as much money as they can from it and the weird CGI that makes the grass too green and turned all the elves faces really weird and smooth. It just doesn't have any of the rugged realism of LOTR.
I'm sorry, this started as being a helpful post about flip-flops, I'll stop my rant here.
Have a great 12th December (or whenever it's released in your country)