Very interesting cut, really (I watched the first part, still need to watch the second part this evening). I don’t dislike the theatrical versions (I’m even a big fan of the first movie, which is almost perfect to my taste) but the second and third chapters miss the point with cartoonish and over the top action scenes, boring romance, failed humor (Alfrid…), and so on. You’ve cut a few things I like from the first movie (giant mountain battle, the gobelin ride, king gobelin death) but you’ve removed many things I can live without (Azog omnipresence, flash backs, unnecessary action, etc.), so I guess it’s nicely done and fast paced.
Are you going to do the same with the Lord of the Rings trilogy ?