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Sloane remains optimistic. He said the first "Hobbit" pic would be a direct adaptation of "The Hobbit", and the second would be drawn from footnotes and source material connecting "The Hobbit" with "The Lord of the Rings".
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Curioser and curioser. If true, this could be a remarkably interesting
project, although I'd have certain reservations about PJ handling it.
The two movies would/should have a markedly different tone, with the second
movie perhaps a bridge in tone to LOTR. One reason I can see for such a project
is (sorry, Liv haters

) developing the Aragorn/Arwen relationship covered in the appendix.
Presumably Strider would be the chief protagonist in the second film.