No, the story of the Hobbit was only briefly touched upon in flashbacks (Bilbo finding the ring).   My problem with the Hobbit book was that the first 3/4 of the book captured my attention with Bilbo, Gandalf and their quest. The book ended with this rather odd "war" that I felt was a quick way of ending the story. It has been many years since I read it and perhaps it deserves a re-read.

I actually felt that Jackson ended the first movie rather smartly, "borrowing" from Tolkien's second book to give a more satisfying end for a movie. There are many movies that are left unresolved, the first one that comes to mind is The Graduate. I think the director sets up an ending to give the viewer something to think about.

Ron