Yes, it is.
http://www.killermovies.com/forums/showthread.php?s=&threadid=16879&highlight=smeagol+transformation
Here is the thread I made with quite a few more pictures. Sad Smeagol? Ha! Poor, Deagol.
awww i feel bad for him, he looks like hes in so much pain *sobs for smegeol*
those were creepy, a definate flashback of when smegeol was a hobbit on rotk will be very amazing, and what had happened to him, definetly awesome!
I wonder if we will see the same of frodo..as it gets closer to mordor, not a full change, but you know what i mean, we can already tell what the ring is doing to him by going a little crazy on sam, and just acting really crazy "they're here" OH MY GOD i loved that, that freaked me out so much, the look in his eyes, the way he said it, i got chills at that part, that was a really really great scene, very powerful and amazing, and the part with him and the ringwraith, and hes holding the ring up, closing his eyes, its like one of those moments, sams rushing to stop him, wow..totally LOVED that scene!