I saw it on Wednesday at 48fps - yes, very 'TV' kinda look. Also, prefer to see 3D on IMAX to counter the shrinking effect you get with 3D, but the IMAX here isn't showing it in 48fps.

As for the story itself, 13 invincible dwarves run from west to east and brush off everything that's thrown at them. Some first impressions (but yet to see it on IMAX at 24fps)...

Pros: It's good to enter Middle Earth again. The Riddles in the Dark scene was great. The VFX were superb. Some score cues were okay, especially Misty Mountains song from the trailer. Lots of eye candy - every sunrise/sunset was majestic. Every mountain vista a wallpaper. Photo-real CG. No obvious compositing.
Cons: Action scenes too long, too many, and with no tension. Too many 'set pieces' i.e. dwarves throwing each other weapons and donking enemies at the same time to follow what's happening properly. Not sure if Martin Freeman has the acting chops to pull of the contrived character arc. Some weird editing choices at times. The movie still only covers a fragment of a story. With extended editions, this is going to be stretched to 9 hours! Rivendell scene abruptly ends. A lot of use of CG and sets rather than location shooting and real actors. All the baddies speak Cockney.

It's the movie singularity. Given long enough, every franchise ends up converging to the same 'plosions, chas'n with guns, WWF punch-up, action schlockfests template.