Will The Hobbit end up "rotten"?

[Fritz]

I can't decide if I am excited or disappointed about this.  The production itself was magnificent, as is to be expected.  I did think it was too long, and the story dragged.  There seemed to be more time devoted to combat scenes than advancing the story.  There were three or four points toward the end of the film where I thought, this is the end of it, and the movie continued on.  Jackson's alterations and additions to the story sometimes seem to make it more interesting, other times seem to be adding just for the sake of making a longer movie.  The bad news is, Jackson is trying to make The Hobbit into something that it is not- an epic saga comparable to LOTR.  The good news is, same.

I can see one more movie out of this, but two more is a stretch.