I've never read the books, but I enjoyed this one as much as I did the LOTR trilogy. Editorially, it feels like the extended versions of those movies. There's a lot of material that could be cut, but most of it provides depth and shading to the characters and the world. Some of it (I'd say 15-20 minutes) was superfluous, for the benefit of those who have read the book(s) or seen the previous movies; in the beginning the most glaring offenders are Frodo's cameo and the dwarve's first song.
Some have complained about the lack of physical jeopardy in the action sequences, but it didn't strike me as that worse an offender than the LOTR movies. To be honest, most of the dwarves were so scantily developed that their deaths wouldn't have elicited much of a reaction from me (which, I suppose, is the film's own problem).
Saw it in 24fps 3D IMAX; at times, the action was a bit jittery in this format, especially during long and fast (and entirely digital) camera moves.
Gave it an A- in the poll; upon reflection I think it might be more along the lines of a B+. Either way, it's a sharp improvement from any of Jackson's other post-LOTR work.