Before you watch this video, a little back story...
These two gals have a You Tube channel and a show called Happy Hobbits and, for fun, they posted their reaction to their viewing of the new trailer for The Hobbit.
That video was seen by Peter Jackson who turned around and recorded Evangeline Lilly, Orlando Bloom and Lee Pace watching the video of the gals watching the trailer.
So this video is the Happy Hobbit reaction to the actors reaction to their reaction.
And it's the most adorable fangirl squeeing ever.