Lord of the Rings was the first sequence of movies made, and they were a great epic of a tale which spanned three movies. People cheered and said "if only Peter Jackson could also make the Hobbit!" Only, instead of the children's story which would mirror the book, Peter Jackson made "LotR II" as a great epic prequel to his earlier film trilogy.
In other words, I'm thinking that people are dis-satisfied with the Hobbit trilogy because they are looking for one thing and were delivered another. Reading Tolkien's books is a little strange because the first is so light-hearted, then the rest gets dark and grim. Watching the movies won't have that problem, as the tone of LOTR is essentailly maintianed for all six. In many ways, Jackson's verison of Middle-earth is actually more internally consistent because it maintains the same tone throughout.
At least that was the thought that occured to me halfway through watching Hobbit 3 for a seond time.
I only saw the first two parts of the Hobbit adaptation, but I will say that the tone bothered me because it seemed inconsistent with itself. Some of the choices (some extremely crude and silly drug humor, some crude sexual and (literal) toilet humor) left me feeling that it wasn't really directed at adults or children. I was unable to make that stuff 'mesh' with the super-serious and humorless tone of what was said at Rivendell, and so on.
Rather than being tonally consistent with the LOTR movies, it felt to me like a smorgasbord of stuff shoehorned in to appeal to I'm not sure who.
I understand that this may not bother a lot of people. Just my two cents about the internal consistency (here, with regard to the Hobbit movies themselves), which was mentioned in the first post.
1) I really dig Peter Jackson (Meet The Feebles is an unsung masterpiece of sicko dark comedy, and Forgotten Silver is criminally neglected), but "Bloated" is kinda his thing. His King Kong was a great 90 minute movie trapped inside a three hour one.
2) I agree with Zak Smith: That third Hobbit film was a bad Tolkien adaptation... but a great Warhammer Fantasy Battles movie. And very fun if watched on that level.