just watched a shitty version online, really need to see it in the theater, but overall liked it. Wasn't sure what Jackson was doing making it a trilogy either, but like Mr Grunge said it's cool he's taken stuff learn later in LOTR and the Silmarillion-- like the Necromancer, the meeting of the White Council, Radagast the Brown, the fall of the dwarf kingdom and tragic stories involving Thorin's father and and grandfather-- and put those into the context of The Hobbit.
Disappointed a bit in Radagast's character at times, just too much clowning, and not totally sure how feel about Thorin's portrayal; seems like he should be older/more distracted by his burdens and the truly desperate nature of this quest than quite so hardassed towards Bilbo, liked Thorin but not quite how I ever pictured him, but that's just a minor personal thing. Overall liked The Hobbit quite a bit and think will like it a lot more with another viewing the way it's supposed to be seen on the big screen. Also psyched for the rest of the trilogy, between the Hobbit story itself and the backdrop plot involving the Necromancer and White Council it should be pretty amazing.
ps, don't think there's any real spoilers here but if mods/anyone else thinks so am fine with putting tags on, just let me know