The main problem with the hobbits is that PJ seemed to rip up what was so good about LOTR. The tone of the film.
The colour pallet and general feel of the films in LOTR was quite serious, gritty and real. The hobbit was so much brighter and less believable from the off. The dwarves were actually quite fecking irritating too, especially the Nesbit one.
In LOTR, there were only a handful of scenes I didn't like over the 3 films. Peter Jackson just cant resist sometimes. The wobbling bridge in section in the first one, Legolas sliding down the steps on the shield, Legolas taking down the Olyphant singlehandedly etc. Little scenes like that feck with the believability and in the Hobbit, there were loads of scenes like that.
Saying that though, I can watch them all again and again, my favourite way is to have a day off work and put the first one on and watch them all back to back. I may regret this waste of time when I'm gasping my last breath in a few years but I love doing it