Guillermo Del Toro just spoke a while ago at a press conference for Splice, which he executive produced.  Predictably, the topic soon turned to the latest status of the upcoming dual Hobbit films.  Del Toro gave the following info:

- The film does not have a start date, nor will it be until MGM sorts out their financial troubles.

“It’s not greenlit,” said del Toro, “That’s categorical… We’ve been
caught in a very tangled negotiation… There cannot be any start dates
until the MGM situation gets resolved. They do hold a considerable
portion of the rights.”

- Regarding 3D: It’s been discussed “literally once.”  It remains a possibility, but the current budget doesn’t include 3D.

- That he sees a likely scenario of MGM sharing the rights or selling them outright. 

- However things work out for MGM, he is confident that the film will get made: “We have designed all the creatures,” he said, “We’ve designed the sets
and the wardrobe. We have done animatics and planned battles
sequences…. We are very, very prepared for when it is finally

So, as always, keep believing true, true believers.

via ComingSoon