Well, I saw it last night. And in full IMAX 3D HFR Kitchen-Sink-O-Vision, too. Never seen a feature in IMAX or HFR before, figured what the hell. Short answer, didn't hate it at all. Very pretty.
So just as with LOTR: never read the book, don't know what's supposed to happen, don't know or care what's been added or left out or "ruined" etc. Just wanted to see a movie. And that movie was... very busy. Many things happened, but not all of them seemed to matter.
Bear Guy served no function that I could see - which makes me suspect he must show up again in Movie 3. If he doesn't then shame on you, PJ. Fifteen years ago you decided (correctly) that Tom Bombadizzledoozzle didn't actually matter to the plot of LOTR and cut him out. You better not have done the opposite with Bear Dude or I shall be very cross indeed.
There was an Elf King-person who proved that not all Elf rulers are as well-written or acted as Galadriel and Elrond. He sneered and said stuff that probably wasn't important.
Then there was a theme park ride with barrels that was really fun and made me want to buy a beer for everyone in the WETA previs department. Meanwhile Legolas and Lost Lilly killed enough orcs to fill a school district. I wasn't sure why, but whatevs.
And then Surprise Stephen Fry as the Mayor of Bartertown-on-Thames - a lengthy sequence featuring another Aragorn wannabe and a lot of delightful art direction. It was okay, but my favorite part was when it ended.
There was a very well-done dragon voiced by that actor who's in everything now. His scene with Bilbo was the best part, and a nice reminder that Bilbo was in the movie.
Then all six hundred dwarves ran around while the dragon chased them and not one of them died which makes me worry that we're gonna get through this entire saga without one goddam dwarf getting killed. Because if that's the case then they should have cut about six of them in the first draft.
Meanwhile in another movie Legolas killed more orcs because he really really hates orcs. And Gandalf went off to look at rocks and visual effects but that didn't matter because we know he doesn't die.
Also there were spiders. The spiders were cool.
Didn't hate it at all, it held my interest the whole time and at least the dwarves didn't do more musical numbers.