My take as well.
I love the work of both Jackson and Raimi. I can see a situation where Jackson is the producer and Raimi directs, though. But I bet part of any deal is that Shaye says bye bye. A Hollywood executive should never get into a pissing match with a director who has made billions of dollars with their films (even if their next movie "only" made half a billion dollars). No matter the outcome, in the long run the director almost always wins and the executive almost always gets a golden parachute, but lots fewer party invitations.
Harry Knowles (the lefty film geek operator of the great movie geek site Aint It Cool News) is friends with both of the directors. Let's let him work out the deal.
The one problem I'd have with Raimi is I can't think of a character in The Hobbit for Bruce Campbell to play! No problem with casting his brother Ted Raimi. He's used to performing in "sword operas." I just hope he doesn't bring to much of Joxer to any role.
I think Bruce would make a GREAT Gollum!