I'm no Tolkien fanatic, but I really enjoyed LOTR and was looking forward to revisiting that world for one extra, fun little adventure.
But I can't say I really want to sit through another
LOTR. And that's basically what this is starting to sound like. To justify three movies they're probably going to make things much more serious and important, with FAR more characters and storylines than we really need to see, and MUCH more ominous forshadowing of later events than we really need.
I realize Jackson is in love with this world, but come on. Not every story that happens in it needs to be a humongous epic.