I am all in favor of HOBBIT as a film. And I like the idea of a film based on the White Councils attack on Dol Guldur. Beyond that...... not so sure.
Here are possible ideas that could really turn it into a thriving franchise for the next forty years.
film six: ARAGORN AND ARWEN; TEEN ANGST
film seven: THOSE DARN DWARVES
film eight: DECORATING MORIA: TRADITIONAL OR CONTEMPORARY?
film nine: BROTHERS OF MINAS TIRITH
film ten: SLUMLORD - GREY HAVENS INTO CONDOS
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