If the Hobbit were to be translated to film I think it would leave a lot out, even more than LOTR has. The movie would basically consist of Gandalf and the dwarves meeting Bilbo, being captured by the Trolls, Rivendell, going under the Misty Mountains/Bilbo finding the ring, a couple of events in Mirkwood perhaps, then onto the Dragon and the Battle of the Five Armies. That would be tought to fit into a 3 hour film.