I enjoyed it for the most part, but I did start feeling the need to check the time after a while. Changes/adaptations I get... different medium and all. But mixing the overall whimsical nature of The Hobbit with the darker tone of Jackson's LOTR movies seemed awkward at times. The altering of some characters' nature was puzzling at best (Thorin: somber and brooding), and I didn't understand the dwarves' appearances: some looked like normal stout humans, while others looked like caricatures that walked out of a Hildebrandt Brothers' illustration. Do dwarves grow up into cartoons? Did anyone else think Dwalin looked like a Klingon, BTW?
Radagast was overly silly and the "white council" was excruciating. Christopher Lee's performance was the most wooden I've ever seen. Did anything other than his lips move?
Anyway, I'm getting picky, as I was entertained for nearly three hours. But judged as an adaptation, or even on its own merits alone; I didn't think it was amazing at all.