I don't really want to try to assess the film as a whole until I see it in 2D 24p, because the 3D HFR was a bit of a distraction... I think it was mostly the 3D, because that has been the case with every movie I've seen in 3D. After seeing Hugo I didn't really have a good grasp on the film itself because I was sort of lost in the 3D a lot of the time. I can say a few little things about The Hobbit though, mostly from a visual/technical standpoint.
As for the HFR... eh... I don't think they got it quite right. And I don't think it was mostly to do with the frame rate, but more the shutter speed. To me it actually looked a little more jarring than 24p at times because of the lack of motion blur. And some subtle movements actually looked like they were happening in fast motion because of it. I kinda started to get used to it as the film went on though. I think if this is the way of the future, the shutter speed needs to be slower. I think 48p at 1/48 would be better.
I will say that I agree with avatar for the most part. Yes, the dwarves were pretty ridiculously invincible, however so were Aragorn, Gimli and Legolas, weren't they?
It did slightly annoy me when the "Misty Mountains" theme would come in every single time a dwarf lifted a weapon. Just felt a little too formulaic, and not necessarily fitting in every case. But when the "Breaking of the Fellowship" theme came in when Gandalf was talking to Galadriel, I got all warm and fuzzy inside. It was fantastic.
The CG was great for the most part, but Azog and the Goblin King didn't look real enough. I didn't have too much of a problem with the Goblin King, because his character was a bit cartoonish himself, and the CG was better than they could have done practically. But Azog didn't have to be entirely CG. I know most of the orcs/goblins were entirely real costumes, with the exception of CG faces. And that looked fine. Azog just didn't look real at all. It made me think back to ROTK and how great Gothmog looked.
I must say, the flashback slow-mo battle scene between the dwarves and the orcs looked AMAZING.
I'm seeing it in 2D 24p on Saturday. Then I'll get a better hold on things.