According the moviereporter.net Jackson estimated that filming on the Hobbit would not begin until the middle of 2010. It was stated that the Hobbit films world be released in December of 2011 and 2012, however this delay may possible prevent that date from being reached. Personally I wouldn’t mind the movie being released six months or a year later as long as that meant the movie production would not be rushed. On the flip side, Hobbiton is already being transformed back to the desired state, and many props can likely be reused from the Lord of the Rings film, so this delay may not have no effect on the release date nor the quality.
“We’re currently working on the second script which we hope to have completed by the end of this year or beginning of next. When the scripts are completed, we can begin with the exact calculation of the necessary budget. We hope to start filming in the middle of next year. However, we’ve received no green light from the studio yet.”

Comments:
Freek:
The plan was to film in early 2010, and start casting in late 2009/early 2010. We havent had much casting news, other than actors from previous films returning. That being said the script for the first movie is finished, they are working now on the second one.
Ilaras of The Dunedain:
Whatever takes to get the job done I suppose! :)
ElveHaldir:
I don't mind any delays :P
As long as they get the job done good, instead of fast and money-minded.
I can wait for 3 more years if I had to :P (probably a TWC thing...)
zach:
Lol ElveHaldir, yea if you have waited for TWC for this long I do not doubt you will be able to wait three years for the Hobbit movies. :P
Ilaras of The Dunedain:
Yeah I would rather them take as long as it takes then rushing it. Knowing that there is going to be a Hobbit movie is good enough.
zach:
I just posted Another article claiming that because of this delay that the film wont be released until 2012. This is good new, IMO as I do NOT want the hobbit being rushed.