Area of the Limiting Polygon Start with an equilateral triangle with unit area. Trisect each of the sides and then cut-off the corners. In this case, we get a regular hexagon - see the picture below. Next, trisect each of the sides of the hexagon and cut-off the corners. This will give a dodecagon, but not a regular one. 

Continue this process ad infinitum.

What is the area of the limiting "polygon"?

My first thought was that it would be the circle tangent to the midpoint of each side. However, by making some pictures, it becomes clear quite quickly that the limiting polygon is not a circle and, in fact, might perhaps be an ellipse. The problem with that is that while there is a unique circle passing through any three points in general position, I need five generic points to specify a conic. 

Can anyone suggest any hints as to how to find the area? By "hint" I don't mean "what you think might work", I mean "what you have tried and you know will work". Thanks in advance.
We calculate explicitly that the area of the limiting polygon is $\dfrac{4}{7}A$ where $A$ is the area of the original triangle.

Note that on the $(n+1)$-th iteration we cut off twice as many triangles as we did in the $n$-th iteration. Consider the triangles we cut off in the $(n+1)$-th iteration. Each of these has $\dfrac{1}{3}$ the height and $\dfrac{1}{3}$ the base of a triangle cut off in the $n$-th iteration. Hence the ratio of the areas of these triangles is $\dfrac{1}{9}$. Since the total area of the first triangles we cut off is $\dfrac{1}{3}A$, we have that the area of the limiting polygon is

$$A-\sum\limits_{n=0}^\infty2^n\left(\frac{1}{3}A\right)\left(\frac{1}{9}\right)^n=A-\frac{1}{3}A\frac{1}{1-\frac{2}{9}}=\frac{4}{7}A$$

Whether this actually helps us determine the shape of the limiting figure I am not so sure.

This was motivated by Hagen von Eitzen's calculation and Michael's subsequent observation.

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EDIT: Explanation of $\dfrac{1}{3}$ base and $\dfrac{1}{3}$ height statement.



Consider the polygon at a particular vertex $V$ just before making the $n$-th iteration cuts. Choose a particular edge bordering $V$ and let it have length $9x$.

Now take the $n$-th and $(n+1)$-th iteration cuts. In the figure above, the green triangle is one that is cut off in the $n$-th iteration cuts, and the red triangle is one cut off in the $(n+1)$-th iteration cuts. 

Because we trisect each time, one side of the green triangle has length $3x$ and one side of the red triangle has length $x$. Call these sides the base of each triangle. Consider now the length of the altitudes corresponding to these bases, letting the altitude of the green triangle be of length $3y$. By similar triangles we find that the altitude of the red triangle has length $y$ (the similar triangles are outlined in black).

Hence the ratio of area of the red triangle to the area of the green triangle is 
$$\frac{\frac{1}{2}xy}{\frac{1}{2}(3x)(3y)}=\frac{1}{9}$$
as claimed.

Fun note: we did not use the fact that the triangles in question are isosceles.
Snipping off corners as you've described you get an infinite-sided regular polygon: a circle.

It will be tangent to the original triangle at the midpoints of the sides.

If the length of the side of your triangle is $1$, the radius of the inscribed circle is $\tfrac{1}{2}$ and the area is $\tfrac{\pi}{4}$.