I heard a rumor that it was going to be spread over three movies, but now it's confirmed; my response was, "WTF are you serious?! ...C'mon!"
LOTR = 3 Books, so 3 Movies made sense.
Hobbit = 1 Book... umm... did I miss something?
Ya, Jackson's Padding it alright. He should have done ONE movie, maybe two if he wanted to include the minor stuff. Save that "turn a passing sentence into an action sequence" for the Silmarillion!
Tolkien/The Hobbitwas just taken from awesome to money grabbing!