CVG, Lord of the Rings Online executive producer Jeffrey Steefel does not rule out the possibility of a console MMO based on J. R. R. Tolkien's universe.
"I actually think Lord of the Rings is a platform we can build from. Our license is to build massively multiplayer online games based on the books on all platforms, all across the world, so we want to leverage that over time", he said. Later, in discussing the difficulties of a console MMO, Steefel said that "you've got to do everything in a thoughtful way and know why you're doing it, for who you're doing it, and then, what is an MMO on a console? What is that really? It has to be different."
If it has to be different, then, don't expect cross-platform universe play. Ruminations of a developer does not a confirmation make, but we suspect Hobbits won't stray far from a future console release.