Just the beginning with the party, with dwarves in a sort of dance-cleaning party was absurd IMO.
They’re there to fight or die, only Gandalf (IIRC) managed them to even consider taking a hobbit with them. It should have been grim, but with a take making it possible, not a song and dance performance.
In all it’s too “American” (IMO) ; simplistic plot with easy to understand graphic battles. Then Win!
I also hated the painful play of Frodon and Sam, like some sort of painful master/slave idiocy. Not naming a totally overplayed Gollum.
Well well, I remember the end of the Hobbit was plaisant, and it was a long time ago I saw them so maybe I should rewatch them :-)