I would love to see the Hobbit be made into a film as well. As I have recently stated in another thread, at this point, it seems like the Hobbit would be incredibly easy for PJ to make. He already has such a huge head start on the movie. The sets for Bag End, Rivendell, and Gollum’s cave are already there. The look, and location for the Misty Mountains has already been established. PJ also already has Gollum, Gwaihir, the Orcs, the Trolls, and the Wargs in the can, and obviously he could use the same actors for Gandalf, Bilbo, Elrond, and Gollum. It just seems like to me that half of the movie is almost already there.
On a slightly pessimistic note, the thought has occurred to me that New Line had to acquire the rights to the Hobbit so PJ could include the scene where Bilbo finds the ring in Gollum’s cave in FOTR. I do very much hope we get to see the Hobbit on the big screen someday though!