From what I understand, the film is being split into two, with a third film potentially dealing with appendixes and leading up to LotR. Actually, that has been the plan since the early days, only then it was one Hobbit film and one Appendix film covering the time from the Hobbit to LotR. I'm skeptical that there will be enough material for a good film covering the events between The Hobbit-LotR, but there's a lot of stuff which can legitimately be covered.
(Minor spoilers)
-Aragorn's birth/early childhood
-Aragorn and Awren's early relationship; Aragorn's various activities pre-LotR
-The White Council drama pre-Saruman LOTR
-Sauron revealing himself in Mordor
-Aragorn first meeting with Gandalf
-Gondor going to war with Modor
-Moria goes to war and falls
-Gollum being tracked and imprisoned in Mirkwood (early LotR I think)
Those are just want come to mind. You have to imagine, if they interspersed all those sorts of events from the appendixes into the hobbit, it could easily become a two or three part thing. But it'd have to cease just being the Hobbit, and instead be a series of movies that is not only about the finding of the ring, but also about the rise of Mordor, the deterioration of the White council, the early adventures of Aragorn, and the aftermath of the Dwarves in Moria that you don't know about originally until you get to that chapter in LotR. I could see them easily stretching the hobbit out over two or three films if they were planning to do all that.