People need to calm the hell down.
First if you wanted the Hobbit as its written, well no matter the length you are going to be seriously disappointed. Jackson from the get go was making this film fit into the universe he created with his filmed version of LoTR (just as Tolkien later was working on bringing the Hobbit more in line with the universe he created after he originally published the Hobbit).
Seriously go read the Hobbit again. There is very little actual dialogue, whole sequences are exceptionally brief in the book.
I mean how many pages is the Battle of the Five Armies? How about Smaug attacking Laketown and his eventual death? 6 pages for the Battle of the Five Armies. 5 pages for Smaug's attack on Laketown and his death.
Just those two parts in a theatre are probably going to be significant passages. I wouldn't be surprised if together they wouldn't equal 40 plus minutes. Yet they are in total 11 out of 320 pages.
I am sure that all the Dwarves will actually have speaking roles, is that the case in the book? How many of the Dwarves even speak 100 words? Is it one?
LoTR was much more fleshed out material, written much fuller Jackson took 3 books and cut out masive sections of Fellowship and massive sections of Return of the King and he still released 11 hours of footage (he shot enough material to still add another hour without even getting into footage that was no longer valid after rewrites, like Arwen at Helm's Deep).
The Hobbit is written in a far more basic style, with little dialogue and far less background detail yet is still 320 pages. If Tolkien would have written that same tale as an adult piece it would easily be long as 500 pages. With Jackson bringing forth the events that occur at this same period. The White Council the Necromancer, and the battle of Dol Goldur. It would be extremely easy to feel three standard length films. Easy indeed.
The only real issue is where to break each film off. And I think that is the biggest issue they will have.