Just got back from seeing The Hobbit. Tremendous. I loved it - tons of action, gorgeous scenery, a terrific performance from Martin Freeman and just a good, entertaining film - a fine way to spend a Friday evening.
Maybe a few too many CGI characters (a few of the main orcs being the biggest culprits) - I loved the Uruk Hai in LOTR for example because the prosthetics and costumes made them much more believable and more menacing. With the exception of Gollum who was as good as ever, having purely CGI characters does tend to lose something in performance.
I can also see how they're getting 3 films out of this with the extra characters/side plots. I've no issue with the scriptwriters sticking in a ton of action to extend the film at all - but I think others may do. It's certainly a lot more padded than LOTR.
But I'm pleased. Really enjoyed it.