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When the decision was made to make the book into a trilogy, Freeman says, “At first, I must say, I was like, ‘Why?’ [but then] You kind of think, ‘I’ve already put this much of my life into two movies. What am I going to do now – not put it into three?’ In for a penny, in for a pound.”
According to EW, Jackson says (about his decision) "that, with the addition of some 120 pages of additional material Tolkien wrote in the appendices to The Lord of the Rings elaborating on the story of The Hobbit, he has made the right call. “A lot of the questions I’m being asked are perfectly understandable,” he says. “But I’m confident that when the first movie comes out, people will understand. The Hobbit is a faster-paced film than the Lord of the Rings films. It has more adventure, more action. When people see the first film, those questions will go away.”
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Source: Pop Watch