C, which is by far lowest score I've ever given a Jackson/Tolkien film. (Previous B+ for The Two Towers)
I've never seen a movie that suffered more from "middle movie of a trilogy syndrome" more than this one.
Too much clutter and filler. The stuff with Legolas and Tauriel added NOTHING of real substance to the story.
Stuff that I remember vividly from the book, such as the barrel ride, was pretty much unrecognizable amidst the clutter.
I was looking forward to the Dol Goldur stuff, but nothing seen here really was all that.
The stuff with Smaug was great, but it took too long to get there.
On the bright side, between Smaug's attack on Lake Town, the rest of the Dol Goldur stuff and the Battle of the Five Armies, part three should be a roller coaster.
Also, have to admit that I was surprised not to see Gollum snuck in there somehow. It's not often that I commend Peter Jackson for restrain on his Tolkien adaptations, especially "The Hobbit", but I'm actually glad that he held off. The last thing this movie needed was more filler.