You'll be waiting a looooooon time for that Simarilion movie if Christopher Tolkien has his way.
I'm just coming back from the theatre and that's 3 hours of my life I want back. It's not so much that The Desolation of Smaug is a bad movie or something, it's just endless. Like 1.5 hours too long. There's some good stuff (mostly the Dragon) but the rest is just mindless fluff that's there to pad out runtime. After all that time I can say I'm too exausted to properly hate it.
I'm really hoping that once PJ is done with the next movie, someone recuts all the material from the 3 movies into one sensible picture.
Btw, I totally wish I had waited for a home release. I still haven't seen the movie that is worth seeing in 3D, and I'm not offered a choise when going to the theatre, as unlike someother, mystical places that have 3D and non3D showings of pictures, around here that's the stuff of legends. There just aren't any. A home edition would allow me to watch it at my own leasure, like in 30 minute chunks or something, so that the whole ordeal is more bearable.