I have good faith in the Hobbit film, despite all these silly setbacks. After all, the LotR franchise has brought millions to New Line and Co, and nothing inspires effort and a job well done like the promise of profit.
And since this thread has kind of turned into pointing out the flaws of the LotR films, I'd like to add this thought. When the movies first came out, I watched them constantly, just loved them. I'd hold marathon parties with friends and we'd watch all three extended editions back-to-back-to-back. Now it's been a while since I've seen them, and I can recognize where something is out-of-character, or imagine how something might have been done a little better. But there are still those moments that take my breath away for their beauty and the sheer scope of it all. I still feel for the characters just as much as I did five years ago. And that is good cinema, plain and simple.
Those were the stories that stayed with you.
Also, they'd better keep Ian McKellen, no matter what it takes!