Saw it on an Imax 3D screen, which was a first. The 3d was cool, but more of a novelty. The glasses are horrible. Didn't really notice the high frame rate. Picture looked slightly better here and there, but meh. I don't know what the fuss is about.
The movie itself was good. I loved Martin Freeman as Bilbo. I like him way more as a protagonist than Frodo. Frodo I wanted dead, Bilbo I root for. The rest of the characters were enjoyable. The film itself is beautiful. Effects are great. Music is enjoyable. Nothing else really stands out. It's a fun movie though.
For the dislikes, the big thing is the running time. Way too long. Unnecessary scenes. Such as the Frodo cameo which was utterly pointless. The entire stone giants sequence should have been removed as it added nothing. Too many panoramic shots. A good half hour really needed to be cut from the film. For an extended edition, this would be fine, but not for something in a theatre wearing uncomfortable glasses. The other issue I have is that while the film is a fun movie, it's very ho hum. I ended up being very bored by hour 2. It just dragged when it didn't need to.
All in all a good movie. Great by no means, but a good popcorn flick.