Has anyone confirmed where this movie will stop? I am guessing based on a Lego commercial I saw it will be right after the Eagles rescue the group from the tops of the burning trees.
Film two would then have the story-telling at the Bear's (can't remember his name) home as a great review of the first film to get things started and finish with the barrel ride to the lake town.
That leaves the confrontation with Smaug and the battle with the armies armies for the third picture.
It will be interesting to see how they shoot Mirkwood. That is going to be one dark background to spend most of two hours in.
Considering the second movie is subtitled 'Desolation of Smaug', it's probably a good bet his entire arc takes place in the second movie. Third movie should be Battle of the Five Armies plus all the extra **** they're doing to bridge the gap to FOTR.