I'm sure that I'm going to be in the minority for saying this, but I wasn't overly impressed with this one as I was with the LOTR trilogy. Yes, the scenery was great and the costumes were great, and it's great that they finally brought the Hobbit to the big screne. But other than Andy Serkis' performance (which was the best part of the movie IMO), that's about it... It just didn't have the same affect on me that the LOTR trilogy did when I watched it. There just wasn't that 'real' feeling to this movie. There was a lot more CGI feeling to this than I was expecting.
I agree with you. Waaaaay too long, too. I thought Martin Freeman as Bilbo was very good, though. Just okay, in my book, which makes it a bit of a disappointment compared to the first LOTR trilogy, which I thought was wonderful all the way through.