I'm not as down as most on the extra content in the Hobbit. Personally I loved all of the Gandalf / White Council stuff. Take out the romance plot, get back to practical effects with less CGI (especially for monsters), and throw out the entirety of the final battle and redo it with a better sense of pacing and storytelling (and as an actual battle, rather than taking the heroes off the battlefield and isolating them), and I think it would have been a decent trilogy.
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