here's what i've heard/read
1. djimon honsou had been talking about the sequel continuing with his character. but that's just in talks, still in super early development. who knows if it'll happen.
2. i think the hobbit talk may be like the final indiana jones sequel. they've been talking about that for about a decade. he's actually in pre-production of a movie called Lovely Bones (from a book which seems to follow more along the lines of his Heavenly Creatures type of movie). From imdb: "its about a murdered 14 year old girl who recalls what happened from Heaven, as the incident affects those around her."
3.defshep said it, lucas is planning a massive tv series to span the gap between episode 3 and 4 (i guess its supposed to be about 16-17 years? how old is luke supposed to be in star wars?) i read it was planned to be 100 episodes long, which is about a 5-6 year run for the series.