If someone is still interested in this Fan Edit, I have updated it with some little changes while keeping the same length: 3 Hours and 16 minutes (no credits)
-Bilbo decides to not go with the Dwarves as their burglar, and then changes his mind like in the original movie, but shortened a lot.
-In my first Edit, I cut the parts where the Dwarves bury a chest with treasures, but i added it again because it affects the continuity with the third movie, where Bilbo comes back bag end with the chest.
-There is some little pause and an added shot when Radagast appears to talk about Dol Guldur with Gandalf. Nothing too big, but the original fan edit kinda botthered me because it was not my best cut.
-I cut the scene where Bilbo discovers Isildur's room, where Sauron's painting is visible, because it felt kind of out of place. It's not like it's an important scene after all.
-Some seconds more were restored in the scene where Gandalf rescues the Dwarves. Nothing too big, but it bothered me a little bit in the final cut.
-Cut part of the dialogue where Beorn says to the company "you will never reach the forest alive", because it's kind of stupid. "You will never reach the forest alive" and seconds later, they reach the forest alive xD.
-Added the scene where the company enters the Wood elves realm, where we see nice transitions of Thranduil as the king.
-Except for the white gems Thranduil was talking about, the flashbacks of Thorin and Thraduil are gone. Obviously because we already saw that in the beginning. I never took those shots because in my first draft, the intro of Erebor being destroyed didn't exist.
-Some shots of the Dwarves escaping in the barrels were added because I felt there was something missing.
-Cut the Scene where Bard gives the unuseful weapons to the dwarves. Instead, the scene will go like this: After Thorin asks Bard for the weapons, we go to the scene where Tauriel and Legolas talk about evil and good and bla bla (btw, in the original i cut some stuff in the scene, but now i added it normal, no cuts) and then we see the Dwarves getting the weapons in Lake town's armory. We can Assume Bard told them where they could get the weapons.
Also, I made this modification because in my original Cut, Bard realizes who the company is, and in the next scene, the dwarves get the weapons to go to the mountain. Obviusly this would lead to a plot hole: If he knew they were the dwarves and didn't want them to go there, why did he let them get the weapons? Now it will seem like Bard still doesn't know who they are.
-Alternate shot of Bilbo going to Thror's treasure room.
-Finally, in my original cut, after Thorin and company escape from Smaug with Bilbo, they get to a dead alley where they see the last of their kin. Hopeless, they believe there is no chance to survive, but then Thorin encourages them to kill Smaug. Then, we see Bard trying to get to the top of the tower with the black arrow to kill smaug, but then he is knocked by the Master of Lake town and is taken to a cell. Then, we see Bard's family being attacked.
Now, I arranged a little bit the scenes, because the scene where the dwarves see the last of their kin is dramatic, I love it, but it loses the "drama factor" in my original cut because after that scene we see Bard trying to get to the tower, it seems like they try to do the same stuff, what if the dwarves would have actually killed smaug? Bard would serve no purpose. So the scene goes like this: The Dwarves escape from Smaug, then we see Bard trying to get to the tower, unsuccesfully, and taken to his cell, and finally we see the Dwarves' kin scene. Now it will seem like, to the audience, the only one that could killed Smaug has been captured, and the Dwarves have no other way out, but then they are encouraged to kill Smaug. The scene works better now. The Drama i'm looking for now exists.
Anyways, i need to change some stuff in the IFDB page xD.