Watched it and enjoyed it.
They’re going at a slower pace, but it’s a show not a movie.
We finished the first season. I mean it’s TV and it’s good.
As for the Hobbit - I knew we were in trouble when they made a trilogy out of one book and breezed through 80% of that book in the first movie.
Later in an interview someone indicated “Believe it or not they improvised most of the movie and we’re discussing scenes before shooting them” - I was like “Yeah, you can totally tell”.
I think the LOTR had way more material than they could fit in the movies. The Hobbit had way more movie than there was in the books. A book to a movie can be done well and still not cover a lot. A trilogy from a book can be done but, you have to flesh it out.
For example Dune. That is going well and it’s only part way through the first book.