As for the movies I thought that trying to tell the LOTR story properly in 3 movies wasn't possible. I remember going to the theater when it first came out, they took a few liberties with the story early on but still did a great job with the back story and Bilbo's party but then was shocked that they cut out a huge portion of the first book. The time between when the left the Shire and they arrived at Bree was about 2 minutes in the movie as opposed to 1/2 a book. They spent way too much time on the massive battle sequences in all of the movies and dragged on the ending. Overall it was still very well done but any fan really needs to read the books.
As for the Hobbit it could have been told in 1 movie, maximum 2.
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