I've heard/read a lot of people say that 'The Hobbit: An Unexpected Journey' was too silly and campy in comparison to 'The Lord of the Rings' films. If you feel this way, you're totally MISSING THE POINT. Not only is the original book a silly story for children (written long before even the first draft of 'LotR' was conceived), within the world of the film, IT'S A STORY BILBO IS WRITING FOR FRODO; he's intentionally exaggerating and hamming things up to make a funny story for his nephew. The film is NOT a suspension-of-disbelief alternative reality (except at the very beginning, with the elderly Bilbo) like 'LotR' is; it's a story-within-a-story. It's easy for viewers to forget this, because director Jackson neglected to flash back to Bilbo at his writing desk at the end, to ground viewers back in the "plausible reality layer" between the viewer and the tall tale featuring the young Bilbo. You can't expect 'The Hobbit' to be anything but a fairytale, since that's what Tolkien wrote.
Pros great story, awesome effects, beautiful design, epic scope, good mix of drama and humor