I think the first one is an Okay Fantasy Film (as fantasy films go) as long as you remove all knowledge of LotR from your head. It meanders along and is sort of pleasant and inoffensive enough. Sort of. Never seen the 3rd one fully all the way through. I struggle to remember much from the 2nd. They're all plagued with narrative problems obviously due to too little story spread over too much screentime.
To be fair though, I've seen some proper ripe fantasy over the years that somehow make the Hobbit prequels look like Citizen Kane.
That said, the whole project is still guttingly below average and pointless. It's a great shame after the minbendingly classic LoTR films. With time and effort, PJ could have made a truly wonderful standalone Hobbit movie if both he and the film company had wanted to. Money just got in the way of everything I think.