The Hobbit in HFR 3D.
I liked the movie a lot, but probably a tad less than I was expecting. From Rivendell on it was mostly great, before that it drug some and got a little too silly at times (Trolls etc.). Riddles in the Dark scene was great, battle with the Goblins was great as well--though the Great Goblin was kind of lame.
I guess my main gripe/nitpick is I was hoping that with all the additions the tone would be more similar to the LOTR movies, rather than being more light hearted like the children's book it's based on. But they went with kind of a weird mix of being pretty kiddy in places, then having beheadings in the next scene etc. so the tone felt kind of off/mixed. But again, I still enjoyed it and need to see it again.
As for the 48FPS 3D, I wasn't a big fan. On the one hand I liked how it made the 3D look clearer, rather than dim and a bit blurry like I find most 3D. But on the other hand I felt like the movie was in slight fast forward the whole time (especially wide panning shots or someone walking--like Bilbo through Bag End in the beginning). I also felt it made a lot of sets/special effects seem fake--though I'll need to watch in 2D to see if it was the HFR/3D causing that for me. But I'm guessing it is just a result of the added clarity from the HFR. So I found that distracting and need to go see it again in 2D--and I'll most likely just see the next 2 in 2D.
Nitpicks aside, I'm really looking forward to the next 2. This one really picked up after Rivendale, and I'm guessing the next 2 will continue that with Smaug's attack, the stuff they've added with Azog continuing, the white council attacking Dol Goldur, the Battle of Five Armies etc. Lot's to look forward to now that the characters are introduced and the story set up.