The Verge says the second installment is too much of a good thing. They are quite right. The Hobbit really cannot sustain a trilogy of three-hour long movies. This paragraph says a lot:
No matter how much Jackson and his collaborators stretch and pull the narrative there’s no avoiding the fact that Tolkien didn’t conceive The Hobbit as a grand, sprawling epic. Perhaps then it’s no surprise that one of the most memorable characters in the film is one the author himself never even dreamed of: the elf Tauriel. Played by Evangeline Lilly (Lost), she’s a complete invention on the part of the filmmakers, but it’s her emotional struggles with the ethics of the elven king Thranduil — as well as her taboo romantic interest — that stand out as the film’s most compelling emotional elements. Tauriel fills a gaping, heart-shaped void at the center of The Desolation of Smaug, serving as an almost tacit admission from the filmmakers that the source material doesn’t have the heft to sustain three lengthy movies on its own.