So I saw it a 2nd time in 48fps 3D after 2D on opening night... I'm not entirely sold, but it was very interesting. As others have, I found it distracting in the interior close-ups, especially early on, but I did like it in the action sequences. It was definitely a different experience than regular projection, but my reaction is mixed.
One thing I wonder is what it would look like in 48fps 2D... I don't much like 3D and wouldn't have gone to see it that way w/o the HFR option. I'd really like to see it in HFR 2D, but I guess that's not going to happen until at least the BR comes out.
I find 3D to be useless fluff/eyestrain for the most part... the only gotcha!
moment for me was the moth flying "out of the screen" after talking to Gandalf -- that looked cool. Other than that the most impressive 3D part was the WB logo in the beginning lol.
Oh, I think PJ is the fat hobbit swigging from a bottle on Bagshot Row right after Bilbo's first talk w/Gandalf...
Still a great deal of fun, and I'll stick w/my A-