Exactly, Brigantium (& BW)
Going beyond criticism of this film(s) in general, at a fundamental level I just don't see any evidence (from any of the five films so far released; & inc. all the extra material & interviews) that Jackson &/or Boyens &/or Walsh really "get" Tolkien. They speak about "the fans", but they're not talking about Tolkien fans; they're talking about the LotRs film fans. For some this is unimportant (--& the division also not so clean cut.) But for me this is very important. I want (& wanted) to feel some Tolkien when I watch these movies. And I feel very little. Tolkien's personal & literary outlook was deeply philosophical; it was coloured by his Catholicism, his academic learning, his personal interests --& all of this informs all of his writing. To ignore this, is to ignore Tolkien. And I find that deeply disrespectful. Nobody forced Jackson & Co. to adapt Tolkien; they chose to. Taking a look at what they've produced (at great effort) I'd prefer if they hadn't bothered. As I've said before, I view adaptation as derivative from a purely artistic point of view. At its worst it comes across as artistically lazy i.e. the foundation (& much else) is all already there. If you've got to do it, it's got to be good. This wasn't.
I know most here are going to say "it's just a movie, get a grip" --but this is how I feel about the matter. Tolkien's writing means quite a lot to me & don't feel these films have served any purpose beyond light entertainment. And, I question the sanity of a society which thinks spending this much time & money, & producing something this mediocre, is a worthy enterprise; and, furthermore, that I should applaud it.
This is the crux of it for me.
Tolkien's LotR is a deep and important work. It creates a breathtaking new world and conveys powerful themes of man versus machine; the corruption of power; loyalty and sacrifice. Jackson's LotR reflects all of the same things. I'm no Tolkein scholar, but those movies spoke to me in the same way.
The Hobbit is a fun children's story; Jackson's Hobbit reflects that.
You have three choices in adaptation:
1) You tell the story as faithfully to the book as possible
2) You follow the general themes and plots and use them tell the same story in a visual way.
3) You take elements of the characters and plot and tell your own story.
Jackson chose route two, and you would say unsuccessfully.
I say he's been very successful, but I think I went in preferring route two, whereas route one would always be your option of choice (if an adaptation had to be done at all.)