An elaboration on that equation: 2.5 hours - .5 hours of filler + 1 hour of remaining story = 1 wholly satisfying Deathly Hallows experience shorter than a Lord of the Rings movie. While beautifully shot and not without its moments, Deathly Hallows by no means needed to be divided into two films. The middle section of the movie certainly could have been trimmed, and very little key events remain in the story to be told (minor spoiler alert): --dragon --Hogwarts --epilogue
I may change my mind when I see how they tackle Part 2, but I can't shake the feeling of a shallow desire to milk this franchise for as much money at possible at the expense of having a lean, well-told story. Lord of the Rings remains the bar for a good story, well told, best honoring the source material.