The announcement of a second movie annoyed me. The announcement of a third movie may have sent this into "do not watch" territory.
Three movies? What The Fuck, Jackson?
There is no way there's enough story in The Hobbit to fill three movies. This is a cashgrab wankfest waiting to be sprung.
I'm disappointed, because I love The Hobbit so much more than the rest of the Tolkien books, and was really looking forward to a tight, well-crafted movie.