Ok, so three films is the interesting thing about this...
On the one hand, fantastic, there's no excuse from not sticking to the book, and following it practically to the letter, rather than missing out some of the stuff (thinking ROTK).
On the other hand, I hate the precedent this is setting for Hollywood.
You used to get great classics.
Now a days, 90% of films have a sequel designed to get more and more money, when ultimately there's little real storyline any more, and the films aren't really, that great. Then HP7 came out with it's big two part story line. Which arguably it needed at 700 pages. But Twilight Breaking Dawn certainly didn't need two parts, and the Hobbit certainly doesn't need three parts. The precedent this will set for Hollywood will be three films is ok, and frankly, it's not.
That said, it looks like this should be ok, and it has been long enough since I read the Hobbit that the storyline will be relatively new to me.
kd