My first reaction is, Good for PJ! What I mean by that is, with this being his first "public" TTT trailer he is making good on his comments and promises about the preview that was attached to the end of FOTR. Namely, that that long trailer, made explicitly for the fans who had supported the movie, would be something extra special. A "thank you" to the fans for their enthusiastic attendance at the theaters.
I think this sounds like a pretty good teaser-trailer for the film, and something very much in line with what is expected from a teaser 7 months out.
As for Leggie playing "surfer-boy," I'm waiting till I've seen it to decide. It sounds really cheesy to me, but you can't really tell unless you actually see how it looks....
RE: Surfin elf: Yes, we'll see... like I said the the other thread, it isn't really cheesier than the Aragorn driving the falling ruin sequence in Moria. Maybe PJ throws a gratuitous tribute to Indiana Jones into all his movies :~D