In several interviews before and surrounding Comic-Con this year, Jackson has definitively stated that he wants to make a Hobbit adaptation that is consistent in tone with the Lord of the Rings trilogy, for one colossal, beautiful vision of Middle-Earth. And honestly, I love The Hobbit, but why do we just have to be restricted to that extremely simple story? A little dude and some mostly cookie-cutter slightly taller people have some sidequests with fantasy creatures (trolls, nice elves, goblins, wolves, eagles, spiders, mean elves, foreign men) and then encounter a dragon, have a big battle that's mostly offscreen and hey presto, story over. The Hobbit book tells that perfectly fine. A film doesn't have to stick as closely to the Bilbo as the sole protagonist, and can bring more of the incredible fantasy world of Middle-Earth to the screen, and put this adventure into the larger context as the true first stage of the War of the Ring. The trinket of a ring Bilbo found in The Hobbit grew organically in Tolkien's mind into a much larger story, so there's no reason not to let the small sapling of The Hobbit not be a mighty oak equal to The Lord of the Rings, now that in hindsight we see how it was the catalyst for a world chock full of potential and imagination.
*And if Jackson can pull this off, we will have a true six film saga that can be honestly watched chronologically because it will be consistent in acting, aesthetic, tone and quality - as opposed to a fractured, uneven prequel and original trilogy that inspires only divisiveness, debate, and derision. Like in another fandom.