The Lord of the Rings was always conceived as one long book, and was only broken up due to publisher interference. That being said, it's one long book, filled with songs and lengthy descriptions of meals and travel. It's a comfortable book to read for that reason, as long as you're not in a rush, and there's something to be said for taking the long way 'round a story.
The Hobbit has long been a joy due to its relatively brevity and pace. It's a fun book you can read in close to one sitting, and tells a complete story in a short amount of time.
That's why the three-movie treatment of The Hobbit is so frustrating. Peter Jackson has taken one of the few times Tolkien didn't pad his own content out and all but ruined the original intent by stuffing in characters from The Lord of the Rings and new antagonists that do little but make the films feel overlong and tedious.
That's why I enjoyed this fan-made trailer that sets up the idea of the Hobbit as one long movie, or at least a complete journey. It hints at what the movie should have been, a film closer in tone of The Lord of the Rings movies.
This is a movie I would like to see, but instead it's likely I'll be watching the final third movie in the Hobbit trilogy, sighing deeply as a character that never existed in the books fights a character that didn't show up in this story originally for the love of a character that makes no sense. Or whatever the hell is going on.
Anyway, enjoy this trailer!