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I thought that PJ was defenitely doing the Hobbit! But everyone else here sounds so uncertain, so now I'm confused (I thought the people here would know for sure!). I heard it was coming out December (?) 2006. That's next year.
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Peter Jackson wants to make the Hobbit, but Christopher Tolkien is against it. Since he holds the right to make the films, there's no plan of the Hobbit actually being made yet. Right now, Peter Jackson's working on King Kong (not Godzilla, as Assassin said). The thing you probably saw was the fake Hobbit trailer floating around.