I'd rather it be made into a trilogy and they not leave out anything then have them make only one movie and leave out either something semi-important or something I find mildly entertaining in the actual text.
OK, let's put this into perspective. The Hobbit cartoon in like the 70's/80's w/e was about 90m long. The trilogy that Jackson did were I think 3h long on average. You could DOUBLE THE CONTENT of that cartoon, and still fit it into 1 movie... Get outta here man. There is no reason for that kind of BS. They don't need to stretch it out that far to get more ticket money. Movies are expensive enough as it is. I was actually excited about it, til I saw it being turned into a trilogy or w/e >_<.