It looks like Variety has released some more rumors on The Hobbit. It sounds like they aren't even sure if it will be one film, but maybe two? Where in the world would they cut it at? The article also states the film will be in the $150-200 million dollar range and will hopefully be directed by Peter Jackson. Still nothing set in stone but it sounds like the rumors are starting to pick up which is a good sign.
News post on TolkienNews.net