Aintitcoolnews posted an article this morning about MGM's desire to make a film version of The Hobbit, to be directed by Peter Jackson. Unfortunately, Jackson says that no one has spoken to him about this project (which I find tough to believe, frankly), so we'll have to wait and see. The article mentions some distribution rights issues that would have to be resolved before the movie could be made, and points out that Jackson's schedule is filling up fast, so I wouldn't hold your breath, Tolkien fans.
P.S. Note that this cover art is done by the fantastically awesome Peter Sis.