If he doesn't do The Hobbit, he'll be doing another smaller film which he can control completely. It's called Planet Saturn: End of Days, and he just started writing it. It will be a smaller film that follows a boy named Saturn, who goes out to the grocery store and watches the apocalypse happen. Fire raining from the sky, doom and destruction, you name it. Del Toro considers it his third "childhood" film -- sounds as good and dark as his earlier work.
So, more "wait and see" but we have a time frame now. Things are definitely moving forward with The Hobbit!
Additionally, Davis says the stage set up for Hellboy 2 is "really cool" and there are real monsters flanking Del Toro and the stage panel. Too cool! I wish I was there to see it, with all my Cinematical friends.