I just finished watching the EE and... yeah, I dunno. I do believe the movie has pacing problems. And the whole tone is a bit conflicting - it's like it tries to be both a lighthearted fairytale and a serious epic adventure in the LOTR mould. And it can't be both, so it fails (in a sense) because the "seriousness" tarnishes the fantastical elements so to speak, but you can't also take 100% seriously a movie with a singing gobling king, a trio of arguing trolls with thick accents and no real urgency to the plot.
That... and some of the effects. Now, don't get me wrong - most of them (especially Gollum!) are simple amazing. The problem I have is that a lot of things look... well, fake. In a sense. Not because they're bad effects - but because they look like they don't really belong there. No weight, no wear, no effect on their surroundings. Then again, the LOTR trilogy also had effects like these but... I dunno, it seemed they were better placed, so that they didn't overwhelm the rest of the movie.
All in all I still like it. I mean, as I've already said, I'm too much of a fanboy. But it doesn't hurt to be a bit critical, huh?