Edmond Dantès
Dantès the White
Seems very evident now that the journey to Tol Eressëa will not be featured as a framing device in the trilogy. Makes sense though as it would kind of spoil The Lord of the Rings if you know that everything turns out fine. But would the general public even know any better without any context?Well he said it was "a lovely visit" which kinda indicates he won't have that much screen time.
I think it's a pretty natural and logical way of connecting The Hobbit with LOTR by having old Bilbo telling the story to Frodo. I'd guess those scenes won't be that long (maybe excluding the first scene of the first movie and the last scene of the third movie).
Tol Eressëa would mean nothing to the average moviegoer or even LOTR film fans with no knowledge of anything beyond the films.