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I don't see it yet, but after all he did with the Rings trilogy I don't think he would do something like this just for the sake of doing it. I would think he has too much reverence for the material to simply make 'more movies' if he didn't firmly believe that he saw three movies.
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I am optimistic that it's going to be good but I think three is too much screentime to be filled now unless the films are only 90 minutes long each, which I doubt.
I should think we'll get a total of 6 hours of Hobbit over the 3 films which will suffer fro pacing issues.