Collider had a very interesting interview with The Twilight Saga: New Moon director Chris Weitz at last week's Comic-Con film event in San Diego.
When asked about the run-time for New Moon, Weitz stated,
I think it's gonna come in at around two hours. I mean, it's whatever kind of feels right in terms of the pace of the story. It's not gonna be one of your three and a half hour Return of the King kind of epics, but at the same time we're not going to rush in and rush out. I think it does have sort of an epic feel, and there are going to be these extraordinary locations and beautiful sets and special effects and stuff. It probably won't be terribly longer than the first film.
"To be honest, we really haven't cut very much," he said when asked if there would be deleted scenes on the DVD.
A similar interview video of screenplay writer Melissa Rosenberg is available here.
Thanks Twilight Lexicon