I was hoping that the trilogy could be rescued by a fan-edit. But now I don't.
The Hobbit is completely devoid of suspense (haven't seen Part 3 and will wait for DVD). Compare with FotR:
Opening story with Sauron kicking ass.
The early scene where Frodo and the hobbits nearly get discovered by a Dark Rider. Probably the best scene of the trilogy, with visually-distorting magic and insects freaking out if you weren't convinced yet.
Weathertop, not one of the better scenes but still great.
Arwen rescuing Frodo. First deviation from book but probably made it a better film (unlike deviations in later 2 films).
Moria scenes: just amazing.
To be frank, FotR was vastly better than the subsequent two, which relied on large battles for thrills. I'm going to guess that Jackson had some help with FotR... and thank God. It's become one of the best films of all time.
Now the Hobbit had nothing like that, maybe because of child audience potential but also because of the other big flaw: none of the dwarves are convincing bar possibly Thorin. They don't look right and don't act great either.
Maybe keep the sections focussing on Bilbo, Gandalf, Radagast, Smaug, bits of Thorin and turn it into an hour long prelude to LotR. Yep, cut 80-90% of it.