I disagree. Tom Bombadil was rightly cut as it served no practical purpose. I do agree that the second movie was kind of weirdly constructed, and in the last movie the ending seemed to drag on forever and ever. But the ending also drags on forever in the actual book so I cannot fault Jackson for that.
I think the LotR movies were well done. But he just did not have the material to turn the Hobbit from one book to three movies. That was an insane thing to do. He just watered down the plot too much and then had to change the story in stupid was to drag it on more.
If there is ONE book which I think could be done in two or three movies its Dune. The Hobbit? Not really.