The first Hobbit definitely dragged the whole first hour was too much talking and singing. But I don't think The Lord of the Rings movies dragged they were the best and most complete films ever made. They cut out a ton of material in those stories. They are epic stories so they have to be long movies. If you watched the extended version of the Return of the king the Mouth of Sauron was an awesome and disturbing character, as were the orcs in mordor who almost caught the two hobbits.
I think some Horror fans overlook these movies. An Orc is just another name for monsters many of these guys are big, scary and evil monsters, just set in a different time.
If rather watch these kinds of films than a corny movie like Avatar any day.