More info on The Hobbit
According to The Hobbit: The Official Movie Blog (as we all know) there will be two movies filmed by Del Toro. One film will be "The Hobbit" and the other will film the stories between The Hobbit and Fellowship of the Ring. So we won't see a short story stretched out to six hours of film.
"Del Toro will move to New Zealand for the next four years to work with Jackson and his Wingnut and WETA production teams. He will helm the two films back to back – telling the story of “The Hobbit,” and its sequel, which will deal with the 60-year period between “The Hobbit” and “The Fellowship of the Ring,” the first of the “Lord of the Rings” trilogy."
We'll see how this develops when they start filming in July this summer!