There's nothing inherently wrong with an adapted version of the hobbit that fits in better to lord of the rings imo, it's just that this particular try at it was a disaster.
You can have an all-time great book or spend more time and money on decent (ok, awful IMHO) movie.
There are complications with that assessment, but 90 minutes would fit quite well with the fact that it's supposed to be a children's story. The Rankin Bass animated version left out a few key plot points (particularly the arkenstone subplot) that could be recovered with a 90 minute runtime. I could also see the possibility of having a 2 hour extended edition
The only adaptation of Tolkien's work that I think does justice to it and captures part of Tolkien's spark, are the albums of the Austrian black metal band "Summoning".
These days, I tend to just put LotR on with the sound off, as moving wallpaper.
"Stanley & I have agreed on our policy : Art or Cash. Either very profitable terms indeed; or absolute author’s veto on objectionable features or alterations."
Source is an interesting interview with Christopher Tolkien in Le Monde: https://web.archive.org/web/20180709130054/https://www.world...
... which is translated from the French original: https://www.lemonde.fr/culture/article/2012/07/05/tolkien-l-...
There are brilliant performances hidden amongst the studio meddling.