i think the cut might realy be good. but my problem with the hobbit is, that it looks so cheap and fake (in contrast to the original lotr).
especially laketown looked so bad, thats where i stoped watching the second one and only recently watched all 3 in a row.
compared to other fantasy it still looks good, but i think it doesnt fit as a lotr prequel on a visual level. the surroundings, hills and general areas from lotr were just so huge and fantasticly made, and hobbit feels too cheap compared to it.
i think for hobbit it would have been better if it released first and lotr after that. that way it would feel like an upgrade and not a downgrade.
about legolas, i have to agree to most other people. its ok that hes there, its not ok that he basicly is god with a bow. that scene in the 3rd movie where he collapsed a tower to use as bridge to save that sheelve (cant remember her name)..... just rediciulous. if it was just one scene with his over the top skills it would be ok, see lotr for reffrence, but in this trillogy they just overdid it waaaaaay too much with him