That's fandom for you. The anticipated movie can disappoint but we'll all be back to see it.
I would think Peter Jackson didn't have to do three movies if he didn't want to. But when someone like him is offered three movies, it's like giving a heorin addict another hit. If he was going to commit to three movies, he should have cut the films to two hours each. That decision would make more sense monetarily as well, as it would allow for more showings at movie theaters. But Jackson is pretending this is an artistic decision instead of an egotistical and money-grabbing one.
He won't learn from his creative failings here just like he didn't learn from King Kong. The next two films will be longer and more bloated. That's simply all you expect from Peter Jackson nowadays.
If Jackson could have shown all 13 dwarves wiping their ass one at a time after eating at Bilbo's, he would have in a heartbeat.