I finally got around to seeing The Hobbit last week after Christmas. I thought it a visually stunning film, like the other LOTR movies, but it was much too long. I really don't see the need to push it to three installments. The story became draggy, and it doesn't make the next two look very promising. There was too much of the beautiful-scenery-and-music going on. A quicker pace and shorter film would've been preferable, I think.
I've always been a big fan of Tolkien, and liked the first three films, but this one has made me think twice about whether or not I will see the final two.
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