I have seen "The hobbit: An Unexpected Journey" four times now, covering all three formats currently available in my area. Once in 2d @ 24fps, once in IMAX-3D, and twice in HFR-3D. My conclusion is that the high frame rate is a marvelous way overall to see the movie. It creates a smoothness of motion and a vibrancy in image that isn't possible elsewhere, at least not yet. If I go back to see it again, I will be going for a HFR viewing, because the standard rate just doesn't cut it for me, now.
The problem seems to be one of viewers' perception, an admitted gamble that Jackson and company were aware of. It's very different from what most are used to seeing, so naturally it might "take you out of the story". But I wouldn't say that makes it an inferior technology, just one that might need refinement and time to get used to. All of that is not meant to sound insulting to anybody who prefers the standard frame rate. Whichever format allows you to enjoy the movie the most is what's best for that person.
"It's not so much that it's 'shut down' as the government has been rebooted into safe mode."
- Tim and Daniel Shamblin