I saw the movie yesterday and enjoyed it a lot - the LOTR films are my favorite and this met my high expectations from them. It's weaker source material - in the sense that it's a lighter book stretched thin - but given that constraint was about as good as it could be. (I think the Hobbit is a much better written book than LOTR - every page is a delight - but the child's story cannot compare with that of the longer epic.)
I did not notice the 48 fps after the first few minutes - you adjust. Ditto, the 3D though - only the butterfly made much impression.
The early dwarven house invasion sequences were a great joy, capturing a lot of the charm of the book. It was like watching the Fellowship for the first time again, and marveling at how well the world of the book was recreated on screen.) The dwarves were much more "dwarven" than I had feared from the screenshots. I particularly liked Balin and Bofur, and of course Thorin.
The additions were generally good, rather than padding, at least from the perspective of a fan of the Middle Earth world. I particularly like Radagast and the spiders; plus the hint of elf cavalry. Azog I could take or leave, but I guess the goblin/orc menace needs a more serious (and enduring) face than that of Barry Humphries.
Gollum was the standout, as expected - the re-interpretation of the riddles scene in the light of the Smeagol/Gollum dichotomy was nicely done. Bilbo himself was excellent - just the right mix of fustiness and courage. It's hard to imagine a better Gandalf, of course.
I'm also curious how PJ will divide films two and three. I'd like him to cover the white council's assault on Dol Goldur, but fear - like the scouring of the Shire - that will be considered too much of a distraction from the main story.