I liked it, 5 / 5 IMO.
The high framerate made things look realistic, and sometimes it felt like I was immersed in a fantasy larp.
I loved the interpretation Jackson et al put on the The Hobbit , in particular the charcterisations of the dwarves. The action scenes were great, lots going on and a real development relevant to what they could achieve when they did LOTR.
And Hobbiton looked great, really authentic and lived-in.
I liked it. It definitely had the PJ touch to it. I like my characters with with crooked teeth and dirty fingernails so that was all good.
A few scenes didn’t quite follow the book and in my opinion they didn’t work as well: The scene with the trolls. The end of the riddle scene with Gollum. The end of the fight with the wargs. They all moved away from the book and to me the end result wasn’t quite as clever. It’s probably been been 25-30 years since I read the book, so for me to notice changes like that mean the bits they changed must really have stuck in my head 
Not sure if I liked the constant falling from great heights without injury thing. I like my physics to be real even if there is magic 
But so much of it was visually amazing: Rivendale, the Dwarven city in the Lonely Mountain. The Shire… Just amazing.
Overall, an rollicking adventure. I saw it in 3D with the high frame rate and an excellent sound system at the Albany Event Cinema.
Hmm non spoilery.
Well, I enjoyed it. I never go into this kind of movie with assumptions based on the book. Because doing so is perilous to ones enjoyment of the movie if you expect things to happen.
Remember PJ made this one lighter, funnier and more rollicking than LOTR. The action is often madcap, fast, hilarious. And not all canon. But by golly he has done his source material some justice. He has gone back and re-evaluated material that later tied the Hobbit to the LOTR. Because that is what Tolkien did.
Dwarves - people worried about the dwarves… some bearded, some not so much. They are bloody good looking dwarves. Each has their own personality and style… not everyone of them gets huge amounts of screen time but I relish the fact they are not Gimli clones. Plenty of stereotypical dwarves in the movie so don’t despair.
Gandalf - Ian McKellen loves the role of Gandalf the Grey. And there is much much more to him. Time is spent on the character of Gandalf.
Galadriel - you get to see a bit of her. Which is awesome.
Martin Freeman - is understatedly very good. His Bilbo is patently different from the attitudes of all of the rest of the cast. The character of Bilbo is not Tolkien’s… but that is not a bad thing.
Gollum - Andy Serkis does not fail to please. That is all.
Greeblies and CGI - over all the greeblies are quite cool. There is some talk of the Goblin King on the internets… he is pretty bloody good. Funny. Gross. There is only one greebly I am not entirely sold on but we’ll leave that for you to decide.
High frame rate - I am not sure everyone will like this initially. I did. Crisp, smooth and detailed. Fights scenes barreled along at pace… if you struggle with 3D and fast action this may be an issue for you… just go see it in 2D. The 3D enhances the movie but it will still be cool without it. Luckily I have to go and take my step sons to see it… so I get another chance in the not too distant future.
Over all, rip roaring fantasy fun. PJ loves the source material and it shows. He pays homage to previous attempts and while not how purists might want to see it, it is instead bloody good cinema. And good on him for breaking ground with new technology!
(Also - it was one of the more immersive 3D movies I have ever watched. And it ignites the larping blood too!)
I remember rewatching the LotR movies after reading The Silmarillion and recognising the ring that Aragorn wore. It’s mentioned, very briefly, as a gift from an Elf to one of Aragorn’s ancestors…
That was when I knew Peter Jackson was really doing his homework.
all in all fantastic…theres a few minor issues I had near the start of the film with some shot framing choices with a few of the 2nd unit helecopter shots… but over all great film… will probably see it again in 2D (my eyes got very tired near the end of the film and started to water and sting)
Saw it recently: with Aurora (4) and Savannah (7) both said it was "Awesome!!!"
I had recently read the Hobbit to both girls, and was amazed at what details I had forgotten.
On the whole a good story 3d HDF was good, I had no problems with it.
Interestingly - I liked the bits that weren’t in the book, they helped to really tie in the Hobbit as a prequel to LoTR
on the whole I liked it and so did my kids…