First off I read the Hobbit twice, amongst other Tolkien books, and I thoroughly enjoyed it's movie counterpart. Although it does deviate somewhat from the book, some scenes (Eg An Unexpected Party, Riddles in the Dark) more or less quote the book. The Hobbit, both book and movie, is a more lighthearted and comical adventure than The Lord of the Rings, but still present are moments of tension, and mystery. There's more comic relief, especially with the Dwarves, but it usually works. One good addition was the White Council scene. In the book, the reader is told that Galdalf's offstage business does not come into the story, but the movie fleshes out how he, Galadriel, Elrond, and Sauraman, were contemplating if Sauron had returned. The only bad things were that some of the camera work was dizzying (and I saw it it regular film, not the new fps) but this isn't too often. Also, Thorin is too suspicious and sometimes downright mean to Bilbo up till the end of the film, and I felt this change from the book was unnecessary. Overall, The Hobbit was a great movie, and I recommend it! (and the book too!)
Pros great story, great actors, great art, great script