I will see it on day one regardless. But alas, the idea of a two part adaption of The Hobbit reeks of cashing in. And if the rumors are true, and the second film is instead basically "Aragorn and Assorted LOTR Characters go on Adventures", eh...I suppose that's better than making two Hobbit films, but it's still rather unnecessary.
In a perfect world The Hobbit would be left alone, or to another animated adaption. I'm not convinced the story will work as a film, without choping it up. It's basically Gandalf, Bilbo, and twelve dwarves going on an adventure. LOTR is awesome in part because most of the members of the Fellowship brought something interesting to the story. How will audiences react to a bunch of hairy old dwarves, even if they decide to go all Snow White on our asses (grumpy dwarf, sleepy dwarf, sexually ambiguous dwarf, etc).