Well, after waiting 9 years, I FINALLY saw The Hobbit (Part One, anyway).
Overall, I loved it. It definitely has flaws, and I can kind of understand why some critics have given it mixed reviews. However, I think this movie is really for the fans, not the critics, and being a massive Tolkien fan, I enjoyed it immensely!
I absolutely loved Martin Freeman, Ian McKellen, Christopher Lee, and Cate Blanchett. The dwarves were fun, sometimes a little goofy, but I thought they struck a good balance between under-/over-developing them. The special effects were stunning (stone giants, trolls, goblin town, vastly improved wargs, and the prologue/flashback sequences). The Riddles in the Dark segment with Gollum was flawless. I loved everything about Dol Guldur / the Necromancer / the Witch King. And some of the fan-service moments were just wonderful (mentions of Bullroarer Took, the Istari/blue wizards, etc.).
I thought the length was perfect. It did not drag or feel slow - it almost felt too short! And, unlike some of the critics, I loved the whole first hour in Bag End, I loved the songs, I had no problems with Radagast, and I liked Azog (I thought he looked cool, even if he was all CGI).
I found the movie more "fun" than LOTR, probably because I'm less invested in The Hobbit as a book. It was simply a hugely entertaining fantasy/action/adventure movie. Not as great as The Lord of the Rings, but still very good. Can't wait to see it again!
My rating: 4.5/5