Saw it last night in 2D.  Am curious to see the movie again and to try out this new 48fps HFR but not sure yet if it'll happen.  Review follows.

Despite some familiar scenery (gorgeous as usual) and some familiar faces (more often present for nostalgia than necessity), a clear step below the Lord of the Rings films - more on the level of the first Narnia movie and on occasion even reminiscent of such trap as The Golden Compass.

It's interesting how the downward turn here is similar to that of another smash-hit, genre-defining series' prequel trilogy - more frequent and noticeable CG, overindulgent action, excessive exposition and generally less motivating storytelling.  Even the lead protagonist is almost as much a stick in the mud as an angsty adolescent Jedi (even given the limitations of the character).

To be fair it's not an Episode I level fiasco.  The action when it doesn't go completely over the top can be pretty great, the visuals when not marred by sketchy CG look fantastic, the cast of dwarves for such a large number make a decent impression, and the score despite lacking the refinement of the previous works boasts some of the most riveting film music moments of the year.

Still it all feels like a long but not really meaningful quest - lots of action scenes, set pieces and characters strung together that don't seem to be going anywhere, at least not in any hurry.  (And to be clear none of the movie's faults have to do with the book itself being less epic and adult than its successors; Jackson shows he has little interest in making a lighter, more accessible film with all the extra material, ominous references, murderous orcs and beheadings he's included.)

Fans of the genre who are curious to see what Jackson would do with the material and don't expect another Lord of the Rings-quality production will want to check it out regardless.  But the general audience could just as well wait to see if the second installment makes this first one worth viewing, because taken on its own I'm not sure that it is.

3 or 3 1/2 (haven't decided) out of 5 stars

I have not seen this yet. I am not sure I will to be honest. However, I do recommend the original cartoon! Sure, the cartoon is not perfect, it leaves out quite a bit, but I think that it really captures the spirit of the book (which I have read a couple of times)!

http://www.youtube.com/watch?v=_8ewZr-R0rw

Heard many mixed reviews so far. Didn't see LOTR yet. Probably gonna pass.

In my opinion, LOTR was a bit too dramatized (I think the books were a bit more light-hearted), but overall it really was a superb adaptation in many ways. I highly recommend watching it on blu-ray. Wonderful soundtrack too.