My verdict for The Hobbit: Enjoyable first 25 minutes and fascinating last 90 minutes (excluding the major Goblin which is sort of a mix of absurd and ridiculous). The rest needs editing BIG TIME! It is much lighter, lacks the elegance, grandeur and sense of doom that made The Lords of the Rings Trilogy so involving and majestic. The trolls sequence is an embarrassment. They mimic the Three Stooges though not funny at all. Once the dwarfs, et al, meet the first Orcs, the movie kicks in and in what a way! Overall, more is not always better, though for fans like me, I could see it again. (Disclosure: I've seen LOTR Trilogy more than 12 times and consider The Return of the King as one of my top three favorite movies of all time). Closing remarks: There is a sense of "déjà vu" throughout the movie that I am not sure if I am too happy to return to Middle Earth or I'd rather remember LOTR movies on their own. Maybe on a second viewing I can clarify my mixed bag of emotions.
Pros great story, great actors, loved the dwarfs, fascinating last 90 mins, gollum's segment a gem, 3d well used, would see it again
Cons slow, head of goblins - a new jabba the hut, trolls - an embarrassment, editing needed, lacks the elegance grandeur and impact of lotr