The book isn't being split into two movies.
The first movie is the book, the second movie will be based on material pulled from multiple sources (some unpublished) and will bridge the gap between the Hobbit and the first book of LotR.
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The Hobbit WILL BE a two part film - but here is the new information - the second film will be influenced by the foundation of "The Silmarillion" and "The History of Middle-earth Series" (which is a 12 part series of books where JRR's son, Christopher Tolkien analyses JRR's old manuscripts; the manuscripts that ultimately led to become "The Silmarillion", "Lord of the Rings" and "Númenor" which is sort of like Atlantis). The second movie will ultimately lead us up to creation of The Fellowship in a graceful and logical fashion! So for all of you out there that thought that "The Hobbit" is too short a story for two feature movies (let alone two Peter Jackson feature movies) then you were right. Before you ask, my source has reminded me that PJ has access to the JRR manuscripts and extensive notes as he did for the LOTR trilogy. These notes were the foundation for the two books mentioned above, but are not the books themselves (which are still in the Tolkien family's hands). I mention the books to better frame what he has in mind. Jackson borrowed from Tolkien's notes for LOTR to build the story he wanted. He will do so again for The Hobbit.
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