My daughter and I went to see The Hobbit a couple days ago. I pretty much agree with your assessment of it. I could see doing it in two parts but three? OTOH, they were able to insert some of the backstory that, in the books, was actually in the LOTR (or one of the appendices). At least I think it was there, I loved the books, but haven't read them real recently... may be time to do so).
(I saw that cringe-worthy animated Hobbit thing awhile back. My daughter actually owns it and watches it from time to time ass kind of a joke. When my ex, a long-time Tolkien fan, saw it, he walked out of the theater. As far as I know, he never saw the rest of it).
Left to my own devices,I probably won't go see the Hobbit again in the theater, but if someone else wanted to go and wanted company, I'd probably go if it could be at the same theater... that was marvelous, and made for a much more enjoyable movie experience.