Interesting movie. Will keep it short.
Pros:
Beautiful vistas accompanied by a serene soundtrack. Some songs especially the Dwarven song featured in the trailers are particularly good. Trust me, some songs will get you goosebumps as you listen to them.
Good pacing. You do not need to have read the books to get the gist. However there are several references which would be missed by those who havent read the books.
Thorin - incredible characterization and played brilliantly
Gollum - What Andy Serkis does is pure acting. Just in awe of him.
Cons:
Bilbo Baggins tends to overact quite a bit.
Cinematography is brilliant. Wish I could say the same for choreography.
Some of the scenes remind you of good ol bolly movies with its inplausible twists(not a fault of the book. Purely "director’s cut")
Apart from Thorin and Balin, the rest of the dwarves are quite frankly boring.
Y u no show me the fing dragon? Y u tease me so?
Conclusion:
Watch the movie. Plain and simple. Very enjoyable and I guarantee you will walk out humming the dwarven song.