No, the Hobbit films have good performances, dialogue that doesn’t make you want to gouge your eyes out, and a competent director.
There are some good performances in the PT (personally I think the direction/script is 90% of the problem… Even Liam Neeson and Ewan McGregor struggle in some scenes with the material they are given).
However, now that you mention it the Hobbit does have better dialogue…although like the PT many of the characters are poorly done and I just don’t care about most of them. I think the actor direction is better in the Hobbit, but the action scenes are just as stupid and boring as much of the PT. The Hobbit films also have the same tonal consistency issues that the PT has (particularly during the action sequences).
You are probably correct that the Hobbit films are somewhat better in execution, but I think they do share some of the same issues and honestly I find them horribly boring and sometimes harder to sit through than the PT (well other than AOTC, which is very, very hard to sit through). High level - the Hobbit films were very disappointing and the reason I was making the comparison is that they were made as prequels to the excellent LOTR films.