Dull, dull movie. Wretchedly paced, and padded beyond belief. The action sequences went so over the top that they plunged into the valley of the ridiculous on the far side. Peter Jackson just doesn't know when he's hit the peak or when to stop. D+
See that's how I see the LOTR films, though not such a low grade, but for me somehow Hobbit overcame these problems and was interesting. Perhaps a bit padded in spots (I think they could have left out the rock creatures their CR was too high for our heroes to survive) but Hobbit, for me had more interesting characters.