Took me a while! I actually had the same question, then researched online and found this thread.
The way Tolkien writes 'The Hobbit' seen in the published books (third picture down) http://the-haunted-closet.blogspot.com/2010/02/how-i-missed-hobbit-cautionary-tale-for.html
lead to the easiest clue; the first section is the word 'The". Yes, I know, so intense.
Further analysis if TOLKIEN'S RUNES (I tried Elder, Younger and Modern Futhark initially) reads 'Founda-.
So after watching that hi-res video of Joe Letteri talking about the VFX in The Hobbit, I could finally make out the inscriptions on the pillars in Erebor.
See this screengrab; https://plus.google.com/photos/112401565685212721989/albums/5847415313277378449/5847415319828596530?authkey=CMii7MiF-ZWEqwE
On the "top row" of the "left face" can be seen the writing "the founda", and I can only assume the sentence continues on the same face of the pillar at its bottom (to read "foundation" or "foundations" I suppose) as it's obvious there's writing along the "bottom row" of the "left face" of that same pillar, the last few that seem to read "ereb" (meaning "Erebor" perhaps).
On the "top row" of the "right face" of the same pillar the inscription reads "hammer".
It looks like there's more writing on the further pillars/walls (at the top of the flight of stairs near the statues), but even at 1080 I think it's impossible to read them.