Since the blu-ray release, I must admit I've warmed to The Hobbit a bit more than when I saw it at the theater, which left me disappointed. Somehow the movie doesn't seem as long now in the home environment.
This has been my experience, as well. While it may be the shortest of the four existing films, it felt like the longest when I saw it theatrically. Overall, I was underwhelmed. Not so when viewed in the comforts of my own home.