I have been a fan of The Hobbit since I was a kid - first J.R.R.T. book I read and so I have a fondness for it. The whole film looked great and I loved parts of it for the detail and faithfulness to the book. The Gollum sequence was hands-down spectacular. It's well cast, well-written but did see a bit too long. It could have been edited to tighten it up but as there are two more movies in the queue, clearly the business end of the film has taken priority to faithfully adhering to the book.
I did not care for the 48 frame digital format but it wasn't a make or break for me.
Definitely a go-see movie good for most ages.