I did not like it. Neither as a righteous adaptation of its source material nor for its entertainment value, which was on par with the Narnia movies. I realize the story is meant to be lighter in tone to that of The Lord of the Rings - almost like a kid's farce of some kind - and I would've had no problem with the movie following suit. Except it does that on the one hand, and then on the other it tries to blend in a "serious, foreboding" tone that really doesn't mix properly. Sometimes the movie goes for cheap laughs, sometimes it tries to be all serious and menacing (Dol Guldur, the war flashbacks, the White Council scene).
I cringed a lot.
I cringed when Thorin walked in slow-mo through the flames towards his orc nemesis, like Nic Cage and Tom Cruise in so many John Woo flicks. I cringed at the stoner humor surrounding Radagast and his cheap CGI Narnia animal buddies. I cringed at the modern-day humor and at that tiresome running gag of "tempting fate" (the fatso orc falling on the dwarves once they're surprised they got off easy, Bilbo mentioning "the worst is over" in the end). I cringed at the Goblin King and that soddy one-liner before dying. I cringed at Frodo's (pointless!) cameo, short of waving at the camera and playing Mickey Mouse to Disney's Middle Earth. I cringed at the pointless scene involving the rock giants. It seems Jackson and crew made up as many fight sequences as possible out of the source material, regardless of pacing or usefulness to the narrative.
Don't misunderstand this. John Woo slow-mo, stoner humor, cheesy Bond one-liners, fan service cameos - I'm all for that, at the right time and the right place, of which The Hobbit was neither. The movie does not feel Middle Earth-y. It's called "The Hobbit", and yet the eponymous Hobbit features very little. I love Freeman as Bilbo but he doesn't weigh a lot in, does he? How many times does the movie stray away from his POV? Wasn't this supposed to be a tall-tale-ish adventure as seen through the little guy? Do we need to see Azog kill one of his orcs to be afraid of him and go "oooh"? Compare to how "Lurtz" was handled in Fellowship. Honestly, I was not entertained. I saw through the filler scenes and Jackson's half-hearted attempt at being classy, modern, humorous, scary, melancholy, cool and cliche, a generic PG-13 fantasy knock-off where everything goes and it goes everywhere.