Fan "tolkieneditor" has watched Peter Jackson's three films and generally enjoyed them. However, while he felt (like most, it seems) that they were overlong, he decided to do something about it, and edited all three down into a single four (4.5, if you count the credits) hour movie. It looks like it's only currently available via torrent, but it looks like he did a bangup job of it.
Some of the stuff he cut:
-The investigation of Dol Guldor has been completely excised.
-The Tauriel-Legolas-Kili love triangle has been removed.
-The Pale Orc subplot is vastly trimmed down.
-Several of the Laketown scenes have been cut, such as Bard's imprisonment and the superfluous orc raid.
-The prelude with old Bilbo is gone.
-Several of the orc skirmishes have been cut.
-Several of the action scenes have been tightened up, such as the barrel-ride, the fight between Smaug and the dwarves (no molten gold in this version), and the Battle of the Five Armies.
-A lot of filler scenes have been cut as well, such as the 4-minutes where Bard buys fish.
Here's his recut version of the barrel ride, one of the trickiest scenes he did:
More info (and torrents) -
https://tolkieneditor.wordpress.com/...e-4-hour-film/