Tauriel is the first casualty, of course. I'd keep a great deal of the first film (the only decent one) and cut out all of the orcs. I'd take out the Super Evil Orc who is so boring I already forgot his name. The White Council bits of Desolation of Smaug can stay, as can Bilbo talking to Smauglock Holmes. I'm tempted to keep in a little bit of the gang being captured by the elves, because Thranduil being a victim of dragonfire, while non-canonical, is a relatively decent explanation of why he is such a raging asshole.
The barrel scene is out.
I'd keep maybe ten minutes of Battle of the Five Armies. I had never left a movie theater angry before watching that film; it is, to date, the first film that has been so bad as to actively upset me.
~Camilla
Ghavrel is Ghavrel is Ghavrel
*MySmiley*