Spoiler Alert!
I finally saw The Desolation of Smaug day before yesterday. Thoroughly enjoyed it. Even two weeks into it's run the theater was packed. I was blown away by it, but much of that is because I'd read The Hobbit and The Lord of the Rings numerous times as a teenager and young adult. To see these old stories brought to life on screen is very fulfilling. I am completely enamored of Peter Jackson's works.
I had no idea The Hobbit was going to be a trilogy. I had entered the theater fully expecting a conclusion. I think it was a brilliant move on Jackson's part to do so, because it allows the story to be told in so much more detail. I also think it was good foresight for Jackson to do LOTR first, and The Hobbit afterwards, even though in book form the Hobbit was released first. That way he could include familiar characters such as Galadriel, Saruman, and Legolas, who as far as the books were concerned weren't introduced until LOTR.
Jackson took a few liberties with LOTR and many more with The Hobbit, but so far I've approved of all of them. For example, in the book, Bilbo had packed each dwarf in a barrel and they rode down the river completely sealed in their barrels. But in the movie version they ride in the barrels openly. This gave opportunity to a much more exciting action scene.
As The Shire pointed out, there is a new character Tauriel. All you Lost fans will recognize her as Kate, but sans "freckles." I'm thinking even Sylvan Elves don't suffer from skin irregularities. The relationship developing between her and Kili adds some romantic drama to the mix.
From the books, we knew that the White Counsel (Gandalf's order of which Saruman was leader) had driven the Necromancer out of Mirkwood only to discover that it was actually Sauron of old, feigning defeat only to reestablish himself openly in his old stronghold of Mordor. But there was never any play by play accounting of it. It was mentioned in The Silmarillion, but not in much detail either. We're finally getting it in these Hobbit movies.
Looking forward to the next installment.
I'm wondering if Jackson or perhaps somebody else isn't already thinking of the next trilogy, The Silmarillion! Now that would be cool.