I will say it is an utter travesty that Tom Bombadil was completely cut by Peter Jackson. 

Jackson said he had to ditch poor Tom because of the runtime, according to him, Bombadil didn't add to the main plot and he didn't want to drag the Fellowship out any further than he had to. He does have a point but cutting Tom probably wasn't the best choice.
P.S : The combined length of all 3 movies are 11 hours and 22 minutes.