IESB.net talked to Sam Raimi at ComicCon in San Diego, and they asked him about The Hobbit. You can find this brief exchange at ca. 1:53 of
this video, but if you don't have time or bandwidth or aren't in the mood to watch it, here's what they said:
IESB: You just mentioned New Line. What's going on with The Hobbit, any updates there?
SR: The last I heard, New Line was in negotiations, and I actually don't know what's happening with it right now.
IESB: Hm. But that would be something you would wanna do if everything worked out.
SR: I just can't say at this time.
"In negotiations"? Let's hope with PJ... *fingers crossed*