The Status of Middle-earth Online - Resurrecting a Dead Game... maybe.
According to the limited amount of information now surfacing, the Middle Earth Online project is still a go over at Sierra-Online. That's about all we can confirm for you at this time. Keep your fingers crossed.
So, like they said, keep your fingers crossed. It seemed that the former team who was working on it was doing it with a very respectful and knowledgeable attitude--hope and pray that the new Middle-earth Online team (which is what I'm guessing they'll do) has the same disposition towards Tolkien!