I just got back from seeing this a few hours ago. I thought it was pretty good. Not great, but pretty much as good as I expected. I like that many of the main characters in this story are dwarves; in the Lord Of The Rings, Gimli is really the only dwarf (other than a few you see at the council). I think that Martin Freeman was very good as Bilbo. My only real problems were that there are a few too many battles.
[Show spoiler]When Bilbo reappears after they all escape the mountain and tells Thorin that he will help him get his home back, I felt like that would have been the perfect ending. But 2 seconds later, they're attacked again.
I was disappointed when they showed Ian Holm as old Bilbo. I'm glad they used him, but they did a terrible job with his hair. They should have tried to make him look closer to the way he did in Fellowship. This picture says it all:
I also kind of felt like Radagast and everything about the "necromancer" could have been cut out, but that will probably end up seeming more important in the next movie. All in all, I was pleased, though. I'm just glad we don't have to wait 2 or 3 years between each movie.
Edit: I was also skeptical going in about Peter shooting at 48 fps, but it really didn't bother or distract me at all.