Too much referencing
I get why they feel audiences would want references to the Lord of the Rings but the padding of these movies is absurd.
Bilbo and the Dwarves are on a quest to take back a mountain from a dragon. You don't need all the references and call backs. The Hobbit as it's own little story was good enough.
Watching these reminds me of Jackson's King Kong. You Watching the movie and you see dinosaurs stampeding with the crew fron the boat and as an audience member you're thinking, "Oh crap, it's 2 hours in and we haven't even gotten to New York yet."