To be honest, I was on the side of hating on Peter Jackson for making The Hobbit book into THREE MOVIES. If he had a time machine, he should have just made the The Hobbit first and then The Lord of the Rings. The first movie dragged on so much, but I liked the second movie. But due to waiting and my wife pestering about seeing the first two AGAIN, I ended up taking almost four years to see the final film.
The movie starts not long after the events of the first. Smaug the Dragon is free and is setting out to bring havoc to the nearby human town of fisherman. Bilbo Baggins and his dwarf friends are shocked to see the might dragon slain by a lucky bowman. With the dragon dead, they can keep the fortunes of the mountain.
But Bilbo learns that the mountain's gold is kind of cursed. King Thorin Oakenshield starts to go mad from the desire to keep what is "his". His hobbit friend tries to tell him otherwise but he is lost to most logic and reason the longer he stays up the mountain. Even his dwarf comrades are concerned over his madness.
But with the famous death of the mighty dragon Smaug did not go unnoticed. News soon reaches other kingdoms and the elves are the first to arrive to claim "their share". Thorin obviously is in no generous mood and fortifies his castle before they make it there. However what both the elves and dwarves should be worried about is the armies of dark creatures like the orcs waiting to use all of their power to take the whole thing.
Overall my feelings about the Battle of the Five Armies are bittersweet. For as much hype as the upcoming Smaug battle made me feel during the end of the 2nd movie, it felt kind of lame when I saw it actually happen in the 3rd film. Like the previous two films, things are rather stretched out more than they should be. In 20-30 years when filmmakers want to remake the works of Tolkien hopefully it will be done in the proper order.