actually quite a bit of story still to tell before they get to the War of the Last Alliance which will be in the final season. And that's from the viewpoint of what ACTUALLY happens in the Second Age within Tolkien's writings, this doesn't account for the made up storylines they seem to be setting up for a lot of screen time, such as the politicking for power in the Dwarven kingdom and the whole Harfoot/Stoor stuff, along with the two wizards now. They really need to make future seasons 10 episodes because 8 is hardly enough for as many stories as they're trying to tell. I imagine S3 will focus on Numenor and the War of the Elves and Sauron, and possibly end with Sauron being brought back captive to Numenor, setting things up for their epic fall in S4.