We've been working on them, and are mostly finished with FOTR and TTT. We're holding out for the EE of An Unexpected Journey to see if there will be any helpful Narsil footage.
It's progressing, and I think the result will be much better than my previous attempts. This is Kerr we're talking about, after all. Kerr is doing all of the actual editing this time, for which I am very thankful. I'm serving in a creative consultant role. These versions will be, in many ways, less puristy than either my or his previous edits. But I think the story that will be told in these edits will be better off for it. FOTR is shaping up to be around 3 hours.
The real fun will begin when all three hobbit films are out, and we try to pair them down to a single purist-minded edit of comporable running time to a single LOTR film.
Starting with FOTR, it will likely be close to the end of the year before these will be released, due to waiting for AUJ:EE.
That, and it seems like we always have new ideas after we take a break and return to the task. If we just put these out months ago, they wouldn't have been as good.