Finally got round to seeing it, and overall, I liked it. Some of the comedy bugged me; it's not out of keeping with the book, but it's a very poor fit with LotR. The Great Goblin in particular was awful. And Bilbo going all action hero at the end... *shudder* The Necromancer and spiders only moving into Mirkwood around the same time Bilbo leaves the Shire, instead of hundreds of years earlier, is an odd change. But contrary to my expectations, I didn't feel the film dragged too much.

I think the 48fps did make the 3D easier to bear, though I still hate the glasses, and I don't think 3D adds very much. And it does make a lot of the film look a lot more real.