Just to add, my hope for a hobbit trilogy was to actually see the battle of five armies. If anything, I feel like the second film runs a bit too long, but I was pretty satisfied with the third film and how they wrapped all the side plots. For me, the thing that keeps me coming back are the actual performances, more whimsical nature, and dialogue. Each film has moments and dialogue that just hit me emotionally similar to how LOTR did, and that's part of what makes both trilogies so rewatchable to me.
I do hear that there was a rumor that the main reason Jackson decided on a trilogy was due to the fact that WETA studios couldn't afford to stay open with just two films, and the third extra payment allowed them to come out the whole thing with a profit. Of course, that's more indicative of WB's greed than anything else, if that rumor is true, a third film is more than justified to keep the studio who in my opinion are the real reason for Middle Earth's movie success.
As for this series, I'm enjoying it quite a bit. Obviously the production is on another level. I'm not sure we'll ever see something so expensive made ever again. While it hasn't quite reached the emotional highs of either LOTR or Hobbit for me quite yet, I was really happy with the battle episode. Apparently the season finale is already around the corner. I feel like we could have gotten some more episodes for a first season like this, but I'm excited to see how the first season ends.