The Hobbit was a fun movie but may not be for everyone. Fans of the previous movies will appreciate it, but may still wonder why so much time is spent in Hobbiton (nearly the first hour of the movie). Once the group gets on the road, things pick up a bit but there remain a few departures that still slow the pace down.
It's hard to imagine someone new to the series or Tolkien really enjoying this movie. They will likely be bored silly and fall asleep while the good parts unfold. However, those who do make it to the end of the film are rewarded with the riddle scene with Golum, which is fantastically written and performed.
Bottom line, great acting, visual effects, great music and stunning scenery save the movie from an average or lower rating.