Let me start by saying that the 3D element of this film is the best i have seen by far. There are very few "ghost" images, it has good depth and clarity and enhances the viewing experience (unlike a lot of 3D films).
The problem with this film is not the technical aspects, which you would expect to be good for the amount spent on them, it is the story line. The Hobbit tells a story before The Lord of The Rings of Bilbo Baggin's first adventure. Unfortunately for Hollywood the Hobbit was a single book and not a very big one at that. The reason this is unfortunate is that the producers of the film seem determined to create another trilogy despite the limited scope and this means that very little happens in the first film. We get nowhere and it reminds me of the endless US dramas where, because the first series is a hit, they create another 6 series where nothing much happens before they get to a conclusion. This is the first film of The Hobbit. By the end of it you feel exhausted and like you have just wasted nearly 3 hours of your life that could have been condensed to half an hour. Don't get me wrong the scenery is epic, the special effects are fantastic. But the film goes nowhere. You meet the characters and then you are dragged through endless walks and meetings that do nothing to develop the story. At one point the characters are flying on giant eagles and you ask yourself "why didn't they just catch them at the beginning of the film and get to there destination sooner". It is an average film but Lord of the Rings it is not. I hope the second film moves at a much faster pace but, unfortunately, i doubt it will.