I am a big Tolkien fan, and I was a little worried about splitting The Hobbit into 3 movies, but I think it works. Peter Jackson obviously knows and respects Tolkien's works and it shows. Don't know how someone who hasn't read his books would like this movie, but this fan liked it.
Overall, a good addition to the Harry Potter movie collection. I do have one objection, though. Why take out the fight scenes to go for a PG rating instead of a PG-13 just when the characters are getting older? The story is supposed to be getting darker and more dangerous.