What if Peter Jackson had called these movies The Dwarves? Serious question, as the focus of The Hobbit trilogy has been squarely on Thorin Oakenshield, with Bilbo Baggins just sort of bumbling along on the sidelines. This is not the story of a hobbit stepping into a wider world, this has been the story of a fallen king making questionable choices to regain his throne.
That's a good story in and of itself, but it isn't the story of Tolkein's The Hobbit exactly. Yeah, that stuff is there, but it's not the center of it all. Bilbo is the center of it all. He is not the center of these films.
This trailer sells yet more of the same - huge CGI armies engaging in huge CG fights and a careening vehicle engaged in a comedic battle and climactic showdowns between heroes I can barely name and villains I definitely cannot name.
You know, in 1960 JRR Tolkein undertook a new revision of The Hobbit, looking to bring it in line, tonally, with Lord of the Rings. He quit after three chapters. It just wasn't The Hobbit anymore.