I saw it in 24fps and in 2D. I thought it was pretty awful. I was a fan of the original trilogy but this movie made me wonder if The Hobbit is really that bad or maybe I'm just over the LOTR series. This one really misses having Sean Astin, Viggo Mortenson etc. around.
I'm going to see it in about an hour I'll weigh-in later.
I really, really loved it. I thought they did a great job of adapting the Hobbit into the tone of the Lord of the Rings and by adding the extra material from the appendix from LOTR. Tolkien himself realized after he wrote the LOTR trilogy that the tone between the Hobbit and the trilogy was very different, so he came up with the explanation that in his universe the story told in The Hobbit must have been a more tame one told to children, but that somewhere there existed a more adult version in the same style of the Lord of The Rings. I think this movie achieves the tone that he would have written had he lived long enough to write a third iteration of Bilbo's story. I really, really dug it.
Oh, btw, I saw it 24fps and in 2D. It didn't have the Star Trek footage included, which I was disappointed with.
I agree with Hollywood Heath about the additional material from the LOTR appendices; it was what made the tone more serious than the kids' story tone in the book. I could see how non-LOTR fans, especially people who hadn't read the books, wouldn't like it or be bored with it, but I enjoyed it. One spoiler-free nitpick:Felt like certain dwarves looked more "dwarfish" than others. Thorin looks more like a man than a dwarf (just take a look at the trailers). Perhaps it's just me, but the difference between Thorin and the other dwarves was a little jarring.
Forgot to mention: saw it in 3D (more because of showtime rather than wanting to see it in that format) which was mostly unnoticeable.