It might have legs. Peter Jackson is apparently interested in making "The Hobbit" after some time away from Middle Earth. Apparently, he wants to make a splatter movie or two before he takes on that Tolkienn book.
I really hope Jackson goes back and makes "the prequel"... He's absolutely got to! It seems like a total no-brainer to me. Ian McKellan has already said he was all for it as Gandalf again (though he thought a TV mini-series would be fun... NOT!). I'll be eternally pissed if this project doesn't eventually come to fruition. They owe it to all of the new (and old) LOTR fans they've created with these incredible movies. Plus, The Hobbit
can obviously be done as a stand-alone, solitary movie - no more long and drawn out trilogy concerns. Nice and easy, plus a faster paced story which should help...
But just don't make us wait too long now Mr. Jackson!