Good questions ... and that's what I'm most interested in. Will each film feel like a film? Or merely a link in a chain? I thought FOTR worked brilliantly as a solid film (with a distinct beginning, middle and end). I hope the Hobbit films are similar. I'll go on record and say that I'd rather be spoiled. If I had known that TTT would not include Shelob, I'd have been more satisfied with its ending the first time I saw it (and not felt like it was incomplete). Likewise, I'd rather not expect either of the first two Hobbit films to cover certain ground that is left for the next film.