there is a reason for them to be long(>2 hours).
I'm a HUGE Tolkien fan, and went to the LOTR Extended Version Trilogy Marathon recently before seeing The Hobbit.
I was surprised at how well the longer versions of the films held up, after not watching them for around five years.
However, The Hobbit film was a let down on several levels, most of which I won't go into here. My main complaint? You do not need three films to tell the story. PJ has thrown in everything but the kitchen sink into The Hobbit, and it drags. Even the uber-videogame-esque "escape from the Goblins" scene drags... Too much of a good thing can ruin a film.
I would also say the same thing about the last Batman film. Too long and drawn out. Scenes that should be edited or removed alltogether. Thats why they call it the Directors Cut!
It makes me wonder if there aren't people involved in the film such as producers or editors who tell guys like PJ or Nolan, "hey bro, you might want to trim things down, just a smidge... You know, just to kind of keep the flow of the film going"