Don't believe all the bashing, it does not suck. The critics that are damning it are all complaining about the 48fps and the 3hr length running time. I feel Peter and Co are in a damned if they do, and damned if they don't situation: Some non-Tolkien fans will complain it's bloated and excessive because it's so detailed in its storytelling and lingers too long in atmosphere-- while some Tolkien fans will criticize not enough time is spent in The Shire, Middle-earth, etc...
I've never read The Hobbit, and only seen the animated movie-- which I though was horrible and a borefest. Never cared for Bilbo, or the dwarves. I always got the impression it was clearly a children's tale. I always preferred The Silmarillion by a long long shot to LOTR anyways. With that in mind, I enjoyed Peter's The Hobbit immensely. It was thoughtful, passionate and the dwarves were great. I actually didn't care too much for the actor that portrayed Bilbo. The story unfolded at a leisurely pace-- much like the Extended Editions of the LOTR. I preferred those to the theatrical-cuts, so The Hobbit wasn't long, or sluggish and dragging, to me.
I loved that it was a fresher, and more innocent Middle-earth with The Hobbit. It can never be compared to the LOTR since the story is so much smaller and lighter, so don't go in with that expectation of it having to be so weighty and epic, or you'll be disappointed. I saw it in traditional 24fps, as I abhor 3D. It was beautiful, colorful, and even though I could tell there were a bit too much CGI, it served the story well-- unlike those horrible Star Wars Prequels. And being only the first of 3 parts, it's a great start, I think it's going to be a wonderful addition and preface to the LOTR trilogy.
Go see it. If you're a Middle-earth fan, you'll really like it. No guarantee you'll love it...