I saw it this weekend... and while I did enjoy it, I was also disappointed.
Loved everything having to do with Bilbo, was extremely bored by everything having to do with the "side stuff", Radagast, Necromancer, Elrond, the one armed Orc, all that. I really wish they'd done something more true to the spirit of the book instead of trying to make it another LOTR movie. 2 films would have been perfect. There's a "timeless fable" quality to the Hobbit novel that's missing here.
48FPS: I did see it in 48FPS 3d. The first half hour was incredibly distracting, with Bilbo moving around indoors. I got used to it though, and aside from fake looking outdoor rain, I was mostly engrossed.
Still I really REALLY wish the first 48-FPS movie had been something I didn't care so much about. I suspect that orientation period with my eyes has colored my impression of the whole Bag-End sequence, which I didn't like at all.
I give it a B-. It was enjoyable, and some parts were really well done - I enjoyed the trolls, and the Gollum sequence, which was OUTSTANDING! But I found a lot of the movie to be a dull-ish slog as well. I noticed the user rating is 80% (i'd go more like 75-77% myself), but it's in the right range I think. It's not so much that it's a step down from LOTR its that he took a very different story and seems to be trying to make it into LOTR, which is where it falls down imo. I think the decision to flesh out the side stories and appendixes stuff, and take away focus from the core book material, and thus make it 3 films, was a very bad one.