First it was one film, and I thought "Well, it'd have to be heavily abridged even at 2 hours. The Hobbit, though one book, is still very solid reading".
Then they considered doing a two-parter. "That seems much better. Cut out some of the bloat, but keep the important scenes and plots better developed. Two movies at two hours apiece. Filling, but not fatiguing."
Now it's a trilogy?
It's been an awful long time since I read The Hobbit but now I'm concerned.
Three films? Now they may have to include padding.
As brutally long as the theatrical cut of Lord of the Rings was, it was still fairly abridged.
(the Director's Cut is an argument for life-extension)
But the length of the three novels positively dwarfs (pun not intended) The Hobbit.