The good news: Warner and MGM are close to striking a deal which may allow the film to begin production with Peter Jackson at the helm. If they can start production, we'd be looking at 12/2012 for the first movie, the second about a year later. It is not yet finalized and formally announced, but it looks very promising. There's lots of things to be finalized, including some actor's guild problems that could cause the production to be moved from New Zealand to Europe, but I'm sure everything will be resolved.
The bad news: it's going to be shot in 3-D.
*sigh*
http://mediadecoder.blogs.nytimes.com/2010/10/01/mgm-and-warner-near-on-deal-for-hobbit-films/
http://entertainment.slashdot.org/story/10/10/04/1535205/MGM-and-Warner-Near-On-Deal-For-Hobbit-Films
The bad news: it's going to be shot in 3-D.
*sigh*
http://mediadecoder.blogs.nytimes.com/2010/10/01/mgm-and-warner-near-on-deal-for-hobbit-films/
http://entertainment.slashdot.org/story/10/10/04/1535205/MGM-and-Warner-Near-On-Deal-For-Hobbit-Films