I can't recall another major blockbuster film that feels so sloppily put together. The editing is mediocre at best. When Kili is stabbed by Bolg, I counted TEN back-and-forth closeups between him and Tauriel with both of them looking sad and misty-eyed. TEN SHOTS! We only needed that one awesome shot of Frodo tearing up after Gandalf falls in Fellowship of the Ring to convey the character's emotions.
Anyways, I digress. The film is a mess, plain and simple. Hopefully the Extended Edition will fix things a bit when it comes out later this year, but right now the theatrical version is just all over the place. The two most prominent Hobbit fanedits online right now (The Tolkien Edit and David Killstein's There and Back Again) have done their best to fix that, but there are still major issues that will be tough to work around.
After March 24, I'll post a detailed list of my edits for Battle of Five Armies. On top of the obvious cuts such as the remaining White Council/Dol Guldur scenes and anything with Alfrid/Legolas/Tauriel, I'm also considering more drastic changes that will keep this fanedit closer to the spirit of the book. We shall see!