Will someone please explain to Peter Jackson that length does not equal epic!
He we be well served to learn:

Extended chase/battle sequences that do nothing to further the story, do not make the moving exciting.

Added geek fluff (material not in the original book) does not add to the movie (and I'm a geek).

Trust your actors more than your effects wizards. You have such a talented cast given fantastic performances that you have a great movie. Cramming more spectacle in only adds length, slowing the pace and diminishing the heart of the movie. Now, Gollum is an amazing merge of both, but the wargs and goblin caves look like a lame video game.

There. I have ranted. The Hobbit was a beautiful movie with lovely performances, but plagued by PJ's penchant for length. Go see it, but pack a lunch and know that anytime Gandalf says "Run!" you have 5-10 minute to visit the restroom without missing anything.