Nah, the LotR movies have been in the works for quite some time now. Warner hinted at them at CES back in January, and they have already appeared on Direct TV in a 1080i encode. However, they haven't been "officially" announced, and the LotR website said they probably won't be near completion until '08 (though that was over a year ago, and it has since been removed form the site).
I'm expecting the movies to be announced at CES '08, with a release date of either May or Holiday '08. Usually they wouldn't announce a movie for the holidays that early, but for a film of the caliber of LotR, I'm sure they'll give people ample warning.
The dispute between New Line and PJ was over royalties from the LotR films that were never given to PJ. The case was settled a few weeks ago, with PJ getting what he was owed. However, the movies are now completely in the hands of New Line, for them to do with what they wish.
The only thing that saddens me is that the chances of PJ returning for the Hobbit are slim to none. New line said they'd love to have him back, but I know he ain't returning. It just won't be the same with a different director. :(
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