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I really like the idea as long as there's enough material. Harry Potter did it perfectly, as I felt we got two great movies out of it. The first of the two Hunger Games ones is a little light, but I still enjoy the characters and overall filmmaking enough to have enjoyed it. I haven't seen all the Hobbit movies but it sound like that was only a bad idea.

If it's done well it gives us a chance to 1) see a more complete vision of the book and 2) just plain get more awesome movies. It's a cash grab for sure, but not necessarily a bad one in my opinion.