Well, I'm actually excited about that. I mean, in The Lord of the Rings Extended Edition, there was added 2 hours of footage (which essentially makes a fourth movie). With this, there will be no need for two editions altogether by making an uncut trilogy instead of a cut duology. Although I'm quite curious how, even with all the behind-the-scenes and appendices stuff, the story will play out, as the journey in the Hobbit is much shorter than the one in The Lord of the Rings.
(And we have to wait only half a year, the third Hobbit movie is released Summer 2014, not Winter)