Furthermore, doesn’t it make you wonder why there are two Hobbit movies going into production even though there’s only one book? Would they split the book in two, or somehow make a bridge movie to Fellowship of the Ring?

All this speculation leaves us with the lingering question of who’s going to direct. Guillermo Del Toro made a great impression with the whimsical yet dark Pan’s Labyrinth. He’s the name most movie blogs seem to be echoing. What about someone totally outside the genre? I would venture to say Paul Greengrass would do a good job. Just take a look at the Bourne franchise. That man knows how to make sequels—with none of the weepy sentimentality.
It’s just too bad Jackson will never know what it’s like to be "there and back again." This was his precious, after all.