I agree entirely; the whole three movies thing is either a reach for more money or simply bad taste overkill.
I'm actually pretty fascinated by the lengths to which Tolkein went with the development of language. Read the Silmarillion or his collection of letters to Unwin, his publisher. I think this was part of the pleasure of putting it together for JRR.
To Praise, To Bless, To Preach--the Dominican Order