If, like myself, you haven't read the Hobbit, the beginning of the movie may feel a little slow, but interesting. Much like the Lord of the Rings trilogy, the scenery is over the top wonderful and you can find yourself stairing at the circular doors of the Hobbit hole or the grass so green it almost glows and forget you're also watching a wonderful story unwrap. This movie takes place before the Lord of the Rings and you will recognize many of the characters if you are at all familiar with that franchise.
The Hobbit doesn't follow the same break neck pace that LotR did, mostly because the Producers and Directors were not forced to condence the story. The Hobbit is one book, smaller than each of the LotR books in itself, but they still made 3 movies out of it. Rarely does a book go from book to movie and NOTHING had to be left out.
My only warning is the 170 minute run time. With 20 minutes of previews, a liter of soda and a giant bag of popcorn, you bladder may not like you before it is over!