I don't have a lot invested in this, so don't imagine that I'm truly upset or anything, but Peter Jackson is incapable of making a 90 min movie at this point in his career. Especially with this subject matter. This could have easily been a light movie about a short book you can read in a day. Instead he's milking it for 3 films.
Again, it doesn't really affect me in any way, but it's no surprise either... he's become king of the bloated run time in my mind.
It's been done before, quite a few times in fact. He'd be accused of copying them.
Even Tolkien re-wrote the hobbit because he realised it didn't fit with the lord of the rings, given time he might well have rewritten it again to make it more in keeping with the adult book lotrs is.