The first third of the movie was incredibly boring. The whole scene with the dwarves doing the dishes while singing a song was gay as fuck. I felt like I was watching a movie for children. I'm gonna assume the "scope" of things will expand for each consecutive movie like it did in the LotR movies, but the first one was nowhere near the first LotR movie, and as I walked out of the theater I couldn't shake the feeling that if this had came first, LotR would have never ended up being made.
I thought the latter third of the movie picked up really nice though. Although I hated that they went with CGI with the orcs, and I hated how the action sequences were so over the top. That escape from the Orc city was stupid. Also, the LotR orcs looked both real and awesome (except for the scene where the Uruk Hai leader comes out of his spunk cocoon with robot arms.) They didn't need to change it.
Imo, less singing gayfest and more epic, and it would have been a much better movie. Still looking forward to the next two movies though. As for 48fps, I thought it was good.
Best part of it, to me, was actually Martin Freeman.