I think this is a prime example that it's much easier to contend with an outright bad film than a frustrating film. The fact that the Hobbit films are frustrating, and not terrible, makes matters almost worse. There are so many moments of brilliance (Freeman as Bilbo, Serkis as Gollum, Humberto Cabbagepatch as Smaauuuooog), but they are tainted by very questionable and excessive moments. I think you hit the nail on the head, these movies are emblematic of Jackson's best and worst tendencies. I don't think the first film is salvageable. It's the third film I find mostly irredeemable.
I think this is a prime example that it's much easier to contend with an outright bad film than a frustrating film. The fact that the Hobbit films are frustrating, and not terrible, makes matters almost worse. There are so many moments of brilliance (Freeman as Bilbo, Serkis as Gollum, Humberto Cabbagepatch as Smaauuuooog), but they are tainted by very questionable and excessive moments. I think you hit the nail on the head, these movies are emblematic of Jackson's best and worst tendencies. I don't think the first film is salvageable. It's the third film I find mostly irredeemable.