This sums it up perfectly. Incidentally, there are fan edits of kicking around that remove everything superfluous and not in the novel. The best of these is a single three hour film.

One of these days, I'll write an essay about what ought to have happened with these films, in detail. The Hobbit should never have been more than one film. Peter Jackson and co did the opposite of what they did with The Lord of the Rings. Instead of streamlining the material, deftly stripping out what wasn't needed for a film, they included everything then added a ton of unnecessary extra material.