OT Readers: Thoughts on Multiple Book Series?

Is anyone else annoyed that all authors seem to stretch their work as far and as thin as they can in an effort to sell multiple books? I get there are series that simply can't be packed into one book, but more often than not it seems like a solid story packed with a lot of fluff. Why can't you get a single, well-written, all-encompassing book anymore with a complete storyline? I get so sick of waiting years for these guys to write the second and third book.

Also, if there's a series that from the reviews you feel you may like but only the 1st book of a trilogy is out, will you read it now or wait until all three are out?