I've been avoiding this thread until I saw it, and I'm genuinely surprised to find out that I'm so far one of the only people here who thought this film was an utter mess. While a large part of why the film didn't settle well with me may be because I saw it in 48 frames per second (which requires some significant visual adaptation), I feel it had problems throughout, mostly related to how they've expanded a short book into three movies by bringing in all kinds of ancillary material.
I'm a Tolkien geek. I've read it all--The Hobbit, The Lord of the Rings, The Silmarillion, The Children of Hurin, and many of the volumes of the History of Middle Earth--and I've taken freaking classes on it. I was interested when they initially said that they planned on trying to bridge the sixty years between The Hobbit and LotR, but they've failed miserably to decide what direction they wanted to go with this movie. Is it the often whimsical and humorous storytelling characteristic of the Hobbit? Or is it the high fantasy quest with a more serious edge and grander scope. Throughout, the movie jumps back and forth between the two absolutely manically. Consequently, the movie is a mess of pacing (the whole thing plays almost episodically, which gets tiresome after nearly three hours) and tonal dissonance.
It's not a bad movie by any stretch. A lot of problems with pacing can be attributed to the fact that Tolkien was always terrible with pacing to begin with. I enjoyed myself, and I'll probably see it again if only to see how much of a difference there is between 24 and 48 frames per second. But the Lord of the Rings trilogy movies were phenomenal--easily some of the best book-to-film adaptations, well, ever. This falls well short of the mark. It's not bad, just... really disappointing.