No, no, it really didn't. That was the whole problem. A few added sequences would have been fine, but they felt they had to heap huge new plotlines on top of each other until Bilbo was all but buried. They didn't have to add a romance. They didn't have to add an Orc villain. They didn't have to add a stupid henchman for the Master of Laketown who seemed to get more screentime than most of the Dwarves. The story didn't need any of that stuff. I found it very frustrating because PJ had an absolutely stellar cast, probably the best we could have hoped for, and he didn't make a movie that took advantage of it.