I think I'll still enjoy these movies OK enough, but it does feel like we've missed out on a proper adaptation of the story. I'd have loved a more whimsical one-movie version directed by Guillermo Del Toro.
The Tolkien devotee within me can overlook a lot. Jackson's LOTR films fuck up a load of storylines and characters (Faramir!!!), but they get the core spirit of the story very right. I dunno if I can say the same for The Hobbit. It sometimes feels more like a LOTR prequel than its own movie.