^ And the ending made big babies of some of us.
Kong may be illustrative of the risks involved in stretching
The Hobbit to three instalments, though. Didn't PJ ask for more money and a longer running time with that one too? Some might say that it didn't do the movie any favours.
Personally, I think that Jackson, Walsh and Boyens probably know what they're doing with
The Hobbit. It's long been hinted that this project is the "real story" to the novel's sanitised kid-friendly account, so it's easy to see how at least it could be stretched to two films. Not sure if the third will be he long-suspected "bridging" film or not, but either way I think we're looking at the insertion of depth and nuance moreso than filler. One of the video diaries has the actors singing a certain ditty from LOTR, so I think these films will borrow heavily from the mythology developed around the original story.
A big concern, though, will be whether the three films will manage to have their own distinct flavours as did the original trilogy. If they don't then audiences could be heartily sick of Bilbo Baggins by the end. But I think (or maybe would like to think

) that rather than this decision being Jackson's great folly, it will instead prove to be something of a
coup de grâce. If nothing else, the fact that Bilbo is PJ's favourite Tolkien character is a positive sign.