Wow Barx.. I can't believe how many times you've read the books!

I'm sooooo excited about the hobbit!! It looks awesome! I just got extended blu ray of the LotR trilogy and I can't believe how long each movie is now!
SPOILER ALERT - Stop reading if you don't want to know how the hobbit ends!!
I'm kind of curious as to where they will end the first movie though. One of my friends said he heard that they would kill of Smaug in the first movie, but that would only leave the siege of the lonely mountain and the return journey for the second movie.. I suppose they could make the siege epically long, but that still seems odd to me. Has anyone heard any different?