Yeah that's a good point. I have the special extended edition of the trilogy (fortunately not a bluray release) and I think those clock in at around 3 hours 30 mins~. Given it is a show, it would be nice to see them take their time with things and really give that world some extra depth that couldn't be done in the films. They have a really good opportunity to do it here.

I am not real sure about the acting yet

There's only one I did have a bit of a problem with, but then I think of how comedic and silly The Hobbit was, so I guess it fits in. Probably could've been written a little better though. Everything else seems fine so far.