Will Smith is developing Hitch into a weekly sitcom. The actor is just going to be an executive producer and will not star in the program, be in the program, or have anything to do with the program except make the money.
I thought Hitch was good. It wasn't great (yes, even though Eva Mendes was in it) and I think it is just trying to take advantage of the date doctor series' and reality shows that the movie seems to have spawned. Not spawning to the extent of Kevin Federline sperm, but spawning nonetheless.
I guess Jada Pinkett just decided that she needed some more money and that Will should go out and get it for her. So he is.