Finally watched it again, in good old-fashioned 24fps this time, and found it a dramatic improvement over the previous viewing. I still enjoyed the movie in 48, but this time it just seemed to flow a lot better and I found myself being MUCH more engaged by it.
It actually felt like I was watching characters in a movie
again, and not just actors on a movie set.
Of course it still takes the movie a while to get going in the beginning, but once they finally leave the freakin Shire I think it moves along pretty damn well.