I think this EW article 'Twilight': Where Does the Fandemonium Lead Now? is a must read. Here are some quotes:
Fans are particularly invested in whether Taylor Lautner, who is markedly shorter and more boyish-looking than Meyer's description of his character, Jacob, will return to vie for Bella's heart. ''We are definitely talking and thinking about it right now,'' says Erik Feig, Summit's president of production. ''Taylor's fantastic as Jacob in Twilight. I think when we get closer to shooting, the director is going to look at everyone as if they are brand-new to the role.''
And just who that director will be remains to be seen. As of press time, Hardwicke — who now holds the record for best opening-weekend box office for a female director — hadn't signed on. But she spent much of the weekend sequestered in meetings with lawyers, agents, and studio executives. She felt hamstrung by her modest budget through much of the Twilight shoot. ''I had more elaborate stunt sequences designed and very crazy, cool stuff that I wanted to do,'' she says. ''We had locations taken away. We had five days cut before we started to shoot. But, you know, I kind of got past that, I just had to let it go.''