In an interview with Empire, Gandalf — Ian McKellan, that is — provided an update on the status of The Hobbit and suggested that, despite all the recent threats to the project, everything is proceeding on schedule. On schedule for a slow-moving ent that is. Even McKellan seems amazed at the drawn-out production schedule:
The scripts for the two [Hobbit] films will be delivered very soon. Then they'll be budgeted, and then they'll be cast. And they'll be going when they've always said they would be, which is next spring — March or April.
Guillermo even told me at one point, "We're going to film for 383 days." He's got that artistic autism! Jackson's the same; they're very, very, very alike. They're also very different, but they've so much in common. They both can't stand Hollywood and have wonderful imaginations, and they're both obsessed with gore and fantasy. Both of them laugh a great deal. Guillermo's one of the most brilliant men I've ever met. His English vocabulary is way superior to mine.
As far as casting goes, he warned fans not to expect too many familiar faces:
Unfortunately, there won't be many of the actors going back, unless they're going to put masks on and be disguised as dwarves! Andy Serkis [Gollum] is, at the moment, I think, the only other actor who's doing this film.
Of course, everyone is also expecting Hugo Weaving to reprise his role as Elrond, but still no word on that or who will play Bilbo yet.