Unlike The Matrix, The Hobbit was created knowing it would be the first of a trilogy (early in production, a two-part series). As such, it spends all of its frames laying the groundwork for the next film. One reviewer, I forget who, described the experience as "all foreplay with no sex", which I agree with. That said, still a rousing ride and a lot of fun. I enjoyed it, particularly the Thorin/Bilbo story that concluded near the end.
To borrow a term from TV, it's a "premise movie", the counterpart to a premise pilot, which doesn't work as a regular episode, but as the set-up for the rest of the show.
