Saw it and love it.
HFR is indeed a strange experience. It takes some time to become used to, but then I didn't find it distracting or annoying at all. It does have something of a live video feed of a very expensive theater play. The thing is, I think, that they still need to balance the film quality when they shoot in HFR. You can now again clearly see when it's a studio shot, when it's a location shot and when it's digitally enhanced. There were many shots were it looked "normal", and the next shot was hyperreal again. And the hyperrealism is
indeed a bit strange to look at in a LOTR prequel.
I'm going to watch it in 2D again, just to get the good old LOTR film feeling again.
I would have loved to see Avatar or Prometheus in HFR.
The very first thing we see is Bilbo putting stuff in a chest, and I thought it was played twice as fast. But then I realized it's just a thing you need to get accustomed to. When you go into a cinema, you expect a film to look a certain way. HFR doesn't look like that at all, which is why your brain needs to learn how it is supposed to work.
It's like stepping on an escalator that doesn't move. You expect
that it moves and you get slightly dizzy for a second.
I love the advancement of technology. The steadicam shot of all the dwarfs, Bilbo and Gandalf at Bilbo's home, the all CGI Goblins, Gollum,... just to name a few.