I was extremely excited to see this movie, and I even re-read the book. It felt weird though that The Hobbit was now a movie, and I did not know what to expect. After seeing the movie, I still have that weird feeling. Don't get me wrong, it is in no way a bad feeling, I will just have to see the film a couple more times to get used to the fact that it is now a film!
I saw the movie in 3D 48 fps because I was intrigued and I respect Peter Jackson very much. I had read many negative reviews beforehand about the new format, but I decided to go in with no expectations. I don't agree with all the negativity, but I'm still not sure if I fully like the high frame rate. It was great for the landscape shots, and even worked for some scenes with Gandalf and Galadriel, but it wasn't so great for the close up shots or character interaction. Also, some of the CGI looked like it belonged in a video game. It was still fascinating to watch though.
Now, about the actual film, it was amazing. The actors were the perfect choices, the music was great, and now I have an even greater urge to travel to New Zealand. Since I read the book right before seeing it, I did notice that some things weren't the same, but it still worked. I did like seeing the scenes with Gandalf away from the company, since I think without them a viewer might be confused as to where he went if they haven't read the books.
All in all, I think you just have to see it for yourself and decide what you think about it. I do recommend seeing the high frame rate version, but maybe not for the first time if you just want to enjoy the story. I will definitely be seeing it many more times!

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