Yeah, there's lot of good stuff there, some scenes are absolutely beautiful, and I enjoy them enough to rewatch every couple years, but they're absolutely garbage in how they respect the source material

Also yeah, it feels stretched, and it also feels like it's not the story I want to hear

Also a little afterthought. I've been reading hobbit again after very long time, now to my daughter, and some of the scenes from the books just don't translate to the big picture at all. Some of the stupid ass jokes only linguist could have imagined, and that we love so much, such as the "good morning" -scene or "eleventy-one" from LotR just doesn't give you the smile it deserves.
Some other scenes, like "I am no man" in RotK when Eowyn kills the Witch King just loses all it's glory when it's shortened into a short jest that fits into a movie

I'll leave the last one here for those who don't remember or haven't read the books (yet!)

Hinder me? Thou fool. No living man may hinder me!" Then Merry heard in all sounds of the hour the strangest. It seemed that Dernhelm laughed, and the clear voice was like the ring of steel.
"But no living man am I! You are looking upon a woman. Eowyn am I, Eomund's daughter. You stand between me and my lord and kin. Begone, if you be not deathless! For living or dark undead, I will smite you, if you touch him."
The winged creature screamed at her, but then the Ringwraith was silent, as if in sudden doubt. Very amazement for a moment conquered Merry's fear. He opened his eyes and the blackness was lifted from them. There some paces from him sat the great beast, and all seemed dark about it, and above it loomed the Nazgul Lord like a shadow of despair. A little to the left facing them stood whom he had called Dernhelm. But the helm of her secrecy had fallen from her, and and her bright hair, released from its bonds, gleamed with pale gold upon her shoulders. Her eyes grey as the sea were hard and fell, and yet tears gleamed in them. A sword was in her hand, and she raised her shield against the horror of her enemy's eyes.