From the interview with Peter Jackson just posted on AICN, it looks like he's quite interested in doing the Hobbit, and has some interesting ideas for the movie--filming it more as a prequel to LOTR than as a kids film. Well, he read that they wanted to make it two films, and that's how he would approach it. I'm still ambivalent to the idea, but he also said he'd only do it if he could have continuity of cast--meaning we'd see the same Gandalf, Saruman, Galadriel, Elrond, Arwen, Legolas and Aragorn. Basically, his idea would be to show the events leading up to LOTR. Show the wizard's council concerned about what's happening with the apparent return of Sauron, show Aragorn protecting the Shire--that sort of thing. That would all be the backdrop against which the story of the Hobbit is portrayed. As a fan of Tolkien, it would be cool to see all of that as shown by Peter Jackson. As a fan of The Hobbit . . . it just strikes me as odd and unnecessary. Hence the ambivalence. Anyway--read the interview for yourself here:
http://www.aintitcool.com/node/30085