I've been keeping up on the movies with interviews and the various websites, so I'll say something.
He said that though he hadn't read LotR before casting, he started reading it during filming and that he's almost done now. Also, for auditions, he said that he bought a book about hobbits? and made a tape of himself with some of his friends in the hills of Hollywood acting out hobbit parts, so he obviously did some research beforehand about the part.
The fact that Elijah Wood is playing Frodo was a big deal early on, but more recently people have been annoyed by the fact that they've significantly increased the role of Arwen (Liv Tyler) to create a bit of a romance between her and Aragorn and to make it so the whole story isn't all males.
I was more interested myself about how Wood has developed a non-American accent because he spent 16 months in New Zealand with primarily British actors.
