According to the good people spreading the news and hearsay from Comic-Con, apparently Peter Jackson went on record saying that he wants to shoot more footage for The Hobbit.
If you didn't know, there is a movie called The Hobbit: An Unexpected Journey set to be released this December and yes, it is yet another JRR Tolkien adaptation. If you have no clue about Lord of the Rings... The Hobbit is basically a prequel to Fellowship of the Ring. We saw Bilbo Baggins as an old Hobbit in Fellowship of the Ring and now we will see Bilbo as a young Hobbit in An Unexpected Journey.
HOWEVER... this is already split into two parts. An Unexpected Journey comes out this December and the second part, The Hobbit: There and Back Again, is set for release in December 2013. If Peter Jackson rounds everyone up again and films more footage this could mean one of two things, as Collider predicts:
1. One or both films will have extended cuts for DVD/Blu-Ray release or will be released extended theatrically.
2. He will tweak the editing and release a third Hobbit film making one book an entire trilogy.
Now, I have read all the Lord of the Rings books including The Hobbit. I did a book project on this book when I was in 6th grade including making a model of Smaug to go along with my book report. Not only is it the shortest book of them all but it doesn't really need to be expanded this much, imo. Seeing that Peter Jackson completed three books in three movies already (Fellowship of the Ring, The Two Towers, and Return of the King) I don't see why he has to make three more movies out of one book. But of course we all know the real reason; Peter Jackson wants all the money he can get out of the LOTR nerds of the world. All the money, merchandise, and Academy Awards he got from the first trilogy wasn't enough.
I disagree with this prediction in the sense of not wanting it to happen. I am honestly expecting this to happen and it pisses me off. I don't want to deal with three more LOTR movies that are, no doubt, going to be just as boring as the previous three were.
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