I was entertained for the whole 2h50min or so, I thought it looked great (I saw the 2D version as 3D tends to give me headaches), and you know what was the best part of this movie? I didn't have to watch Elijah Wood make THE SAME FUCKING FACE FOR THREE HOURS! Also, Orlando Bloom is not in it, which is a huge plus as well. And it has Martin Freeman, who I've liked a lot ever since I saw him in the original "The Office", good casting there.
I didn't think the first act -which plays out more like a comedy- was that great, but it wasn't bad, and when it got going it got really good, and as I said, looked great. Granted, I'm a bit of a geek for this shit and really loved "Lord of the Rings" movies and the book, and have also read "The Hobbit", "Silmarillion" and "Unfinished Tales", so maybe I'm a bit biased. Nevertheless, I liked it and recommend it to everyone. Go see it.