I don't want to put any spoilers here (though really if you haven't seen it you shouldn't have clicked ), so I'll suffice with saying that it was an excellent movie. There are some parts that I would've liked to see done differently, and there are some parts that absolutely blew me away.
Aw, whatever, I've gotta get into a few specifics. If you haven't seen the Hobbit, guard yourself and turn away!
First of all, I have to say that the opening sequence was easily one of the best parts, if not the best part of the movie. Erebor was portrayed magnificently; every scene of the halls under the Mountain were stunning to the point of breathlessness. Smaug's invasion was thrilling even though the Wyrm himself was hidden, and the war at the gates of Moria was also excellent.
Andy Serkis stole the film as Gollum. The riddle-scene was more than I could hope for, and Bilbo's struggle between murder and mercy was brilliant (that reminds me: Martin Freeman did an exceptional job as the titular Hobbit).
Overall, it was an excellent movie. There were however, a few downsides:
One was the length. At nearly three hours, this movie almost matches each of the three LotR films for length. This isn't helped by the fact that the film drags a bit in parts, especially the first act, which is almost entirely spent inside Bag End.
Something else that disappointed me was the license that Peter Jackson took with the book. One of the things I love most about the LotR trilogy is how faithful, for the most part, it is to the books. The Hobbit, in contrast, is not. Some of these changes are nigh unnoticeable; some are appreciated; but some are completely unnecessary.
Regardless, I highly recommend the Hobbit. If you haven't seen it, but read through this entry anyway, I encourage you to go buy a ticket and see it for yourself. I loved it,and will probably end up seeing it in theatres at least a few more times.
What does everyone else think so far? Favourite scene? Praise? Complaints? Let's hear it!