I'll have to admit that I'm not a fan of LotR stuff in general, but of all the books I think the Hobbit is the best one. Film-wise, I thought this one was way too long and drawn out to be all that enjoyable, even though it looked very nice. To be fair, that was pretty much my opinion before I had even stepped into the theatre, but the gf wanted to see it. However, after we walked out of the theatre, it was an opinion she agreed with.
There's simply no need for this story to be a trilogy...other than the fact that the studio can make three-times the amount of money on ticket sales. I won't be bothering with any follow-up films.