The next preview trailer - No it does not have the Balrog in it. It is very very good - much better than the 1st one. I do not know when it is going to be shown - very soon (within a week) I would guess.
There is a lot in the thing - some things just one frame. But I had not noticed (or forgot) there is a very brief scene where the orcs are coming down the pillars (looks OK to me), A scene where Galadriel and Frodo are facing each other, you see a nice close up of the ring (with fire runes visible), there is some sort of "fire-bird" swooping down on the shire (I guess it's in the shire - there are hobbits), - I do not remember it either from LOTR, at first I thought it was just some magical fireburst, but after looking at again it is definately a pterydactyl-looking bird swooping down on a hobbit. It is transparent - like made of fire - very brief shot. [Gandalf's fireworks? -Tehanu] There's shots of the party oaring canoes of some sort. As I've said the important thing (to me anyway) it's a very nicely done trailer and I hope it generates a lot of buzz in the general public. I can't wait to see it on the big screen!
It opens with a beautiful aerial shot of some forest region with a river running through it. Then we see Gandalf (looking very afraid and haggard !?) asking if the ring is safe -- to Frodo. Then we hear some narration about the ring and see Mt Doom in the distance (not too realistic). There are multiple fight scenes (very cool), we hear more dialog (all very good), There is some breathtaking scenery. One very cool scene we hear Gollum say "My precious" and make... well a "gollum". This comes right after Frodo says "There's something down there" Very well done I might add - very creepy voice.
Near the end, Aragorn asks Frodo if he is afraid and he replies yes then Strider says "Not nearly afraid enough" - Very well done -- Very very good trailer - should get a lot of people excited.
There is more of course, I don't have photographic memory or anything. Some things I have not seen on some of the pictures so far - Ringwraiths shown in negative, a female being chased by a number of cloaked riders (aerial view), There is some footage of the council with Boromir saying "The Ring is a gift from the enemy - let us use it against him," then Aragorn saying "No one can wield the Ring" All in all I was very excited to see this!! You will not be disappointed. The only thing I noticed is that Gandalf looked a bit crazy, not like the calm wizard I imagined.
One other scene comes to mind - Gandalf (I think) narrating about theRring says, "Sauron could bring a second darkness on the land if found," and "his whole mind is bent on finding it" or something like that. Very exciting stuff. BTW the sound was incredible!