For quite some time, fans have been expressing their grief over The Hobbit trilogy's overall length: three films, fans say, is a little overkill. Several filler scenes were worked into the movies, leaving behind a fairly confusing storyline with more fluff than necessary.
But now, much like several fans have done for the Star Wars prequel trilogy, the fluff has been cut and the films have been edited down into one concise chapter. A four-hour-long chapter, sure, but lengthy movies aren't new when it comes to fans of The Shire.
The cut is titled The Hobbit: The Tolkien Cut, and thanks to the editor's tireless research of Tolkien's "The Hobbit", it's as concise as a true-to-origin film can be. The film doesn't waste time on added plot, such as the love triangle between Legolas, Tauriel, and Kili (ugh), or the long prelude that features an older Bilbo. The pale orc subplot has been vastly cut down, and the investigation of Dol Guldor.
The editor shared some thoughts on what was cut and why:
My main goals in undertaking this edit were to re-centre the story on Bilbo, and to have the narrative move at a much brisker pace (though not so fast that the audience lost grasp of what was going on). Creating smooth transitions between scenes was of particular importance in this regard. I even reordered a few moments in the film to make it flow better.
While several cuts and scenes are still left in, it's probably just a matter of time before another fan comes along and shaves the saga down a bit more.
Watching the fully-cut movie, of course, is a quest in itself - but not a very long one. You can get the details on how to watch it by following the editor's instructions here.