What's so horrible about The Hobbit?
The movies are stretched and it shows. They simply didn't have enough plot or action to fill the time and I got fairly bored at times. There are seemingly endless and mostly pointless action scenes that serve no purpose and frankly aren't all that well done either. The special effects were rushed. The dialog they added is insultingly bad. Etc... While I won't say they are horrible money grab movies on the level of say The Phantom Menace, they could have been a LOT better even if they had just spent more time in the editing room. Basically they knew they would be a commercial success so they really didn't try very hard.
LOTR all had battle scenes that took up half the movies that were too long. Songs were not included and plot from the book cut to make room for action and Hollywood.
The Hobbit is worse regarding the action scenes - the ones in LOTR didn't feel nearly as stretched out. And as for the "songs", there are lyrics but no actual music in the books so any music would be contrived. And frankly NOBODY wanted these movies to be a musical. (If you did then you are the only one) I sure as hell didn't go into them wanting to hear a bunch of "music" and I've read the Lord of the Rings probably close to 20 times. That is not what is the really interesting bit about the books - it's more of an intellectual curiosity than anything else that would have been terrible on the big screen.