Just got back from the theater after seeing The Hobbit. Overall I was rather impressed with the film. It was beautifully shot (how could it not be? Especially with NZ as sitting in for Middle-Earth). And I think the film was well done because made me care for the plight of the Dwarves. To be honest, while I liked Gimli in LOTR, I never really understood/cared for the dwarves very much, they seemed to have gotten the short end of the stick in the series didn't they? But the whole cast did a fantastic job and it's a shame that the film is getting flack.
I don't think it's truly possible to compare The Hobbit to LOTR because while they take place in the same world they are very different stories. It's important to remember this while watching the film, or else it'll be seen as very disappointing. While I didn't see the film in 3D (I can't, they give me a headache) I don't think it's necessary to see it in that form. You can still appreciate the film without the added effects. Though, I will admit there were a few times where the effects were bordering on slightly overdone and I wonder if it would have been best in 3D. It really doesn't take away much from the storyline though.
Also, on a more shallow note, Aidan Turner who played Kili, makes a really good looking dwarf. I understand that this shouldn't be the main-takeaway from the film but I must admit that he was so attractive (though he is also the most conventionally attractive of the dwarves so that probably is coming into play too).