Hair, yes, you're right, it looks like they are keeping a lot of the really dramatic stuff (Saruman's Death, Shelob, Palantir etc) for RotK, which in a way makes sence.
Not that TTT will fail to be dramatic. Osgiliath sounds amazing, I love that we're going to see more of the Ringwraiths and I'm beside myself thinking about how stunning Helm's Deep will be.
And Gollum! Gollum sounds terrific!
I want this movie --- NOW!
It seems the movie covers the destruction of Isenguard by the Ents, but not what happens after. Gandalf's ride to Isenguard, Saruman's downfall (skewered or not) and the recovery of Saruman's pilantir appear to be moved to RoTK. I hope they are not putting off too much to RoTK! - A lot needs to happen there already! Since they're dumping the entire "Scouring of the Shire" sequence and likely most everything else between the wedding and the Havens, time probably won't be that big of an issue - if they have the usual 3 hours to work with.