I honestly think the third installment has the potential to be the best one considering the majority of the meaty exciting stuff is going to be in this movie.
The problem I've had with the past two films is that they feel too padded. I think the fact that they're adapting some of the supplemental materials from the LOTR Appendices was enough to fit in a second movie worth of content, but not a third, and it really shows in how padded the movies are.
I think they should either have done it as 2 2.5-3 hour movies, or if they INSISTED on doing it as 3 movies, it should have been 3 1.5 hour movies.
The first one ended at an Ok place, just that with less padding for the first
The Second one should have ended with the Battle with Smaug in Laketown and should have shown the actual end of that fight
The Third one should have been The entire rest of the story
each being 1.5-2 hours each instead of 2.5-3
However, that being said, somehow the actual battle against Smaug is going to be the start of this movie, THEN we have the Battle of the Five Armies, and the Battle of Dol Guldur, which is easily the meatiest part of what was in the Appendices, so I fully expect this one to be good. If you took out the battle with Smaug in the beginning and stuck it to the end of the previous movie, it's probably going to be 1.5-2 hours without that part, meaning this material is going to be paced roughly the way I would have liked to have seen the entire series paced.
Bottom line is, I like these movies and I think what's there is a really solid adaptation of The Hobbit (Thus far, haven't seen Bot5A yet), I just feel there's a LITTLE too much padding for me to really consider it as amazing as the original LOTR Trilogy.