I just think that many people familiar with TH story don`t think it`s worth a look on the big screen. I know that Smaug is overhyped in some circles but that just shows you were the problem with the book lies - it has nothing special going for it except the dragon and it isn`t like movies aren`t full of dragons already. From How to Train Your Dragon to Sucker Punch, there`s a dragon.Moreover, TH follows the story of a marginal LOTR character and bunch of new faces that are far less developed and relatable than LOTR characters. Sure, Gandalf has a prominent role but he is Obi Wan figure and Obi Wan alone wouldn`t have sold TPM.Finally, LOTR really covered all the basis well so a trilogy about characters who don`t even add up to events in LOTR (Bard, dwarves, Mirkwood Elves - you really don`t need to know about Thorin party and Thranduil court to appreciate Gimli and Legolas in LOTR) may not induce interest to learn more. I know that some fans here think that ME is the bigger selling point than characters itself but how much of the same scenery without equally compelling story and characters one can take?