Personally, my favorite parts were when Bilbo read the contract and defended Thorin from the white Orc.
As for the ending, it really surprised me! I got sucked into the movie, and was wondering how they were going to approach the Forest when it suddenly ended! My dad was with me and laughed at my expression, and explained that it was indeed going to be another trilogy. Now that I look back it's hardly surprising. With the success of the previous series, why not prolong the moneymaking machine even further? It also adds to the story all the more, because even the Hobbit put in one movie would be awfully condensed. I can hardly wait for the next installment!