I see it like this: The Hobbit isn't a particularly large book ( especially compared to any of the trilogy), but it does have an awful lot going on. Ok, fine, so in order to do everything justice, split the book into two movies,.. Out of necessity. Now once we've done this there's all of a sudden not quite enough material to fill up a single film properly, so we gotta toss in a bunch of "bonus material" just to beef up the script and lay on an extra hour or two?
The movie was needlessly long & I'd claim not any better for it.
Also there were just too many instances throughout the film where there was just too much unfocused shambling going on onscreen to even tell what was occurring until things slowed down enough for us to see the aftermath.
I hate to say it, but I prefer Peter Jackson's early career to this. I hope he gets to filming material that he himself has a hand in creating soon. The man is a genius storyteller and incredibly creative when it comes to his art,.. But I think he's been in Tolkien's world for too long.