Just saw part 2 of the movie named after The Hobbit.
Much that should have been off-stage was on-stage.
Far more that shouldn't have been there at all was on-stage.
Way too much gratuitous nonstop action. Also, way too much blatant foreshadowing of things that ought to have been revealed at their proper times. Do we really need Chekhov's Arrow? (And why has a special-purpose anti-dragon weapon survived the intervening generations? Wasn't it enough for Bard to have a regular bow and his lucky arrow, plus the information relayed by the thrush?)
The bit with the barrels... well, it went from "Dwarves would have suffocated" to "barrels would just have tipped over, unless Bilbo somehow managed to install ballast in the closed ends while neither we nor the Elves were watching." And this silly little part of the the plot was warped beyond recognition; was this just to have the running Elf/Orc battle?
The character of Lake-town was likewise changed beyond recognition.
And the business with the forges under Erebor? Looks like one of George Lucas's hallucinations, and makes as little sense. (Wait... has Bard been transformed into Han Solo? That might explain why Lake-town had to change so drastically.) Also, how do Bilbo, and later the Dwarves, keep sliding down the pile of gold but end up back at the level of the side tunnel?
At this point, the setup for the next part of the story has been hopelessly messed up, though important parts of it obviously have to happen because of all the foreshadowings.
And what's with the Elf/Dwarf romance, anyway? (Also, what's with athelas? I thought it was just a weed, unless there was a king handy. Could any lowly sylvan-Elf just walk into Gondor, heal someone using athelas, and be known as the rightful king?)
At least Beorn hadn't been replaced by that freaky old Time Lord, but his character and the manner of his introduction were changed wildly.
Really, the proper story could have been told in full in half the time, and made a lot more sense. But I guess that would have made the trilogy a mere sesquilogy, and who ever heard of such a thing?