Better than doing The Hobbit they should film some of the great stuff they missed in the trilogy. For instance:
1. Tom Bombadil
2. Saramon’s speech after the Destuction of Orthanc.
3. The “Voice of Sauron” at the gates of Mordor.
4. The Scourging of the Shire
They could release it as: “A Hobbit’s Recollection”. Each scene could be introduced by Sam, Merry or Pippin as they sat discussed their adventures over a mug of beer. Then they could edit it for re-release on DVD as a more complete and seamless Lord of the Rings trilogy.
Don’t get me wrong; I love The Hobbit but there was just too much great stuff left out of the trilogy films.
Buy or find out if netflix has the special extended dvd edition of "Return of the King". The "voice of Sauron" scene was removed from the theatrical version, but Peter Jackson did film this and put it in that version. Its probably one of the best scenes you never saw in the theaters and I can't understand why it wasn't included. Probably because it was soo dark. Here's a picture of it.