One of the highlights of the upcoming (2011) movie The Hobbit will, hopefully, be the dragon Smaug. Director Guillermo del Toro has declared himself a lifelong dragon fan and noted that he was born in a Chinese year of the dragon (1964).
Del Torro - probably most famous for the 2006 movie Pan's Labyrinth - has spoken of his determination to get the movie Smaug right, saying that it will probably be one of the first pieces of design attempted - and the last completed!
According to del Toro it's "a matter of turning every stone before figuring out what he looks like, because what he looks like will tell you what he is".
Sounds like Smaug the Magnificent is in safe hands.