As a huge LOTR fan, books, movies, whatever. I was excited for the Hobbit, but I do think stretching it into three movies was a money-grab move, and not an artistic or creative decision. That was confirmed when I saw the first movie in the series and thought it was really good, once you cut about 30-45 mins out. Nine out of ten movies I watch these days I could say the same thing about.
I miss the days when 90 mins was a good action movie, and two hours was a pretty long film. I guess Peter Jackson didn't learn any lessons from King Kong, which would have been phenomenal if you cut 30-45 mins out of it. Hell hath no fury like a film director's ego.