Considering the epic quality of the LOTR films, and considering the amount of reverence for The Hobbit, I'm very pleased that they've split the story into two films.
I'm more cautious. Jackson an his screenwriters triumphed with LOTR because even at their impressive running time, and even when you factor in the extended versions... the films are
vastly truncated compared to the novel. There are whole chapters which get covered in short scenes, the whole thing moves very rapidly by comparison.
King Kong was precisely the reverse, with scenes from the original almost invariably being dragged out to much greater length, and it noticeaably suffered.
A two-film
Hobbit isn't going to be as epically condensed as the LOTR films... though it's not as preposterously dragged out as
King Kong either. Well, we'll see.