There is enough content to make 3 movies. I saw it tonight and aside from a little bit of comic dwarf banter, there was not much dead air in the movie. Of course the movie company is greedy, but what movie company is NOT? The question, of course, is whether the story and characters are sustainable and can draw 3 movies worth of viewers. The character development in Hobbit, so far, is not as good as in LOTR, but, the action and FX are quite good, the story is worthwhile and my impression of the audience reaction is that they were sorry it was over after 3 hours, so there's a good chance they will come back for two more episodes.
I saw it in 3D with the high frame rate and have to admit that I'm not a big fan of 3D. Like all other 3D movies I have seen, I found the image sharpness and brightness to be somewhat less than what I expect in 2D, so I don't think seeing it in 3D is necessarily a requirement.