To the people that saw this: what if it was trimmed down to 2 hours? Still way too long?
In truth, the film only needs some minor editing and two hours would have been too short. First, Ian-Holm-Bilbo's monologue is a bit dusty, particularly with Frodo's cameo. I happen to like it, I enjoy the complete immersion, but it could have been left for an EE. And the tie-in with Azog was clumisily handled. Other than that, though, the film is fine. You could argue, I suppose, that they spend a lot of time at Bag End - but it's all in good fun, and necessary to boot. And Radagast, despite his awkward performance, is brief and instrumental.
On the flipside of that, consider the one scene getting the most praise: Riddles In The Dark. Jackson just lets that scene run. It takes several
minutes of screen time. It's barely edited. And it's brilliant. So there's an argument in favor of letting the book material have enough room to breathe on screen.