I'm not sure how good a barometer the pool of websites that I read is of the general gaming mood. Certainly at times they seem to speak with one voice (the Dark Angels launch, and the Chaos Warrior leak being the most obvious recent examples), and I like to think I know what's in the wind to a degree. So, assuming the above isn't totally off base (if there's a site you think I should be following then say so in the comments, you ought to be able to see those I am already following below on the right) it would seem there is very little talk of the Hobbit. I can think of two, maybe three posts I've seen about it recently, and they were mainly painting focused. No one seems to be discussing the rules and the like, or building a new force. I think I've seen more posts on Sedition Wars, which is drawing from the fairly small pool of Kickstarter buyers.
Pulling an example out of a broader gaming world, the front page of Dakka Dakka hasn't seen a LotR model appear on it for a while, that I've seen, even stolen for part of a conversion.
I'm aware I'm stepping around the specific LotR/Hobbit gaming pages, but that is part of the point.
Moving away from the virtual, I was in the Games Workshop on Oxford Street, and while there was a table with the Hobbit/LotR models set out (interestingly on a split board, one assumes to take up less space in store), and it was getting absolutely no attention.
The point I'm slowly making is that for all that the game has only been out slightly longer than two months, it already seems to have disappeared. I've yet to see February's White Dwarf, but January's edition lacked any stand alone articles for the Hobbit, despite the new releases. The Escape From Goblin Town boxed set is still available as a Limited Edition from the online store, unlike the 40K boxed set, and LE Codices, that disappeared very quickly. The Warriors of Chaos release was very much prioritised over the Hobbit releases, despite the Advance Orders going live on the same day.
It's going to be interesting to watch the rise and fall of the game's marketing and the communities take up over the next two odd years, because at the moment I say it's in a slump, and likely to stay that way until the next film at the very least. I wonder if we'll see an article in the middle of the year with a run down of the interaction between the Hobbit rules and the old LotR books.
And to throw it open to the comments, what Hobbit/LotR gaming have you seen? Has it already flatlined?