The routine poked fun at how Peter Jackson had somehow created three movies out of only one book by exaggerating it to a point to gain a humorous response from the audience. Jennifer Lawrence of "The Hunger Games", who had hosted SNL that evening, had partaken in the sketch comedy as The Elf Queen.
Though, this is an admission to Peter Jackson's creative ability to thin out or create new stories from old ones, he would probably even flattered and amused by such an attempt at making fun of his own movies.
Such zaniness evolved the possibility of splitting up the remaining two sequels into 18 sequels, two of which renamed "Shoot, I Just Realized I Forgot Something Back At The Shire. Mind If I Double Back?" and "The Journey To The Beginning Of The Walk To Smaug's Lair". Part of which shows Bilbo frantically looking in his pockets and realized he had forgotten something and wanted to head back to the shire to retrieve it. There had even been a creation of a movie based solely on chasing Gandalf's wizard hat after it had been blown off his head in a wind sheer.
Some humorous portions had emphasized a lot of distractions by creating journeys within journeys that go completely off the beaten path. It pokes fun at how some movie patrons might agree that the splitting one book into three could have been a bit extreme.
In all seriousness, there had been some debate on how some fans enjoyed the fact that Peter Jackson added to to the movie, while others considered it rather tedious. Jackson does tie some areas of the movie into what had been missing in the story.
Also, the admiration of and appreciation of home that Bilbo has come to realize is his main motivation to slay a dragon to gain back a home his new dwarven friends had lost. The very idea of someone else being homeless was completely unacceptable to him and he felt it would be his vocation to help someone in need who is completely homeless.
The point being, those that considering that the extra content in the movie to tedious "fluff", others might consider that the idea of a "moral to the story" or reasons being explained why actions are being taken on the part of the characters could add an extra twists that some Hobbit fans would find appealing.