I saw it this weekend. It's pretty obvious just how drawn out it is to stretch it to a trilogy. When they're adding large segments of Legolas fighting, it just doesn't matter at all. No one expects him to be in any danger, so there's no real emotional involvement, so why bother? The only answer is filler. After a while the fight scenes were just boring.
I do love me some Evangeline Lilly though
It would be nice to see them do a true to the book cut when this is all done.