finished rereading The Hobbit on the train yesterday - still don't see how they can legitimately get three fucking movies out of it - and haven't decided what's next.
As I understand it, the first film in the two film plan was to end with the barrels and Thorin's arrival in Laketown, a good splitting point.
I suspect the second film in the reformatted trilogy will end with Smaug vanquished, Laketown destroyed, and Bilbo leaving Lonely Mountain with the Arkenstone. It's a downer moment, but it's also a good breaking point in terms of character and narrative. I don't see how you fill a third film with just the Battle of Five Armies, though, as the Necromancer business will need to be dealt with (chronologically) within the second film.