I was expecting the quality of LOTR and was happy. Quality is great! Yes it's a two parter so get over it! I had no problem with the 48fps AND am huge RINGER, so I know what is missing from the movie. But I am IMPRESSED with how it follows Tolkien's book and incorporates the back stories for those who have not read the books.
I also love the costumes of the various cultures and that the standard set in LOTR has been kept for The Hobbit. I also love that PJ gave you a glimpse of Smaug and what he looks like.
GO see it!!!!!!!