The Battle of Five Armies is too central, ultimately. It’s too akin to major battles like those fought at Helm’s Deep or Minas Tirith, or even at Mordor’s Black Gate.
I would like to see a couple of the movies dealing with the second-age and ending with the battle in Mordor where Isildur recovers the ring. I want to have more screen time with the Witch king of Angmar.