Post from Clonehead:
Yes, the word is that Guillermo del Toro is to direct and Peter Jackson is to produce the two Hobbit movies. Also, i now hear that the first movie is to cover the story of The Hobbit, and the second movie is to cover the 60 years inbetween that story and The Fellowship of the Ring? I do agree that Del Toro wouldn't be my first choice of director although I did enjoy Hellboy and Blade 2.