You apparently saw something in it I didn’t. All I saw were endless chase scenes, with poor attempts at slapstick humor, with a focus on an elf, and an elf-dwarf love affair, that seemed aimed directly at the Twilight crowd. There was none of the character development that was the central theme of the Hobbit, nor was there any of the sense of adventure. I think he thought that because it was a book aimed at children, he thought he had to make the movie silly and superficial. But what separated Tolkien from the rest is that whereas most writers treat children as shallow and easily distracted by shiny objects, Tolkien treated them with respect, and capable of grasping deeper concepts like sacrifice and honor, and capable of understanding the evolution of Bilbo (which was what the book was really all about).
To each his own, I suppose. But after enduring the first Hobbit movie, and being thoroughly disgusted by the second, I will happily skip the third, and wait patiently for the next 30 years until someone comes along and does the book justice.
There must be a widespread belief in the entertainment industry that women simply can't sit through a movie that doesn't contain some romance in it. The second Hobbit movie was utter crap.