Finally saw The Hobbit: An Unexpected Journey last night. It was... OK. Way, way over-padded tough, and Sylvester's still rubbish (and Barry Humphries?! WTF?). Too many non-Hobbit bits in the first half just to give cameos to the LOTR cast, and unnecessary flashbacks to CG battles. Basically, exactly what I feared would happen when they announced such a long adaptation of such a short book- over-milking the studio's cash-cow.
That said, the last 90 minutes or so was really good - basically the bits actually adapting chapters from The Hobbit. Ian McKellen and Hugo Weaving were great, most of the Dwarves sort of bland but inoffensive, and Martin Freeman was playing Martin Freeman as usual. (seriously, if you can tell the difference between his Arthur Dent, Bilbo, and character from Blake's Junction 7, you're doing well).
Music was good too - nice to hear Shore keep a lot of the Middle Earth leitmotifs.
Over all... maybe 7/10. Nice to be in a familiar setting for a good-looking epic, but too over-padded. Unless the next two movies are a lot better it's gonna be obvious that they should have done it as two 2-hour movies at most, and I cannot fucking believe they've got the cheek to be bringing out an extended version of something that's so over-extended to start with.
There needs to be a <2-hour "Hobbit Cut" not an extended one...