While there have been some issues with the action figure lines from The Hobbit movies, we can be relieved that the one figure fans are likely to want most is indeed going to be available, though he may prove almost as elusive as the Archenstone. A limited run of 3,000 individually numbered Smaug figures will be made available to those who preorder at WBshop.com, and given that he'll come with a mystery 1.5" bonus figure...I think we can safely say that IF said bonus figure is a Hobbit or dwarf, this Smaug will be in scale with the 3-3/4 inch figures released thus far. If not, you'll have to fake it.
Smaug has ten points of articulation, bendy wires in his wings, and multiple paint apps for a detailed color scheme. At $70 he's not super cheap, but for a figure that size in a limited run it's pretty fair. You could try to forge a black arrow and bring down a real one, but really, seventy bucks on your credit card is the safer option. If you can't manage that now, be aware that trying to find him on eBay later might just be..."the greatest adventure."
h/t Matthew Catania