Here's my review on The Hobbit (including the frame rate)
Being a massive LOTR fan I naturally had high expectations for this movie. I saw the mixed reviews and told myself that I knew i'd love the movie.
I was wrong.
The 48FPS definitely screwed up the movie for me. It made a lot of the CGI effects look cheap. The character movements would sporadically look like they were sped up. The landscape shots (while very nice) made it look like I was watching a documentary. I would not recommend watching the movie in this format and I don't believe it is the future of cinema.
Speaking of CGI, there was way too much of it in this movie. What bugged the hell out of me was that all the orcs, goblins etc were fantastic in LOTR because they were actual humans in amazing costumes. In The Hobbit, they were all CGI. They didn't look bad, it's just when I think of middle earth creatures, I don't think of the video game orcs in the hobbit. The trolls were pretty well done CGI wise, but the stone giants were really cheap looking, like low budget transformers.
The music was very disappointing as well. Of course, the LOTR movies' soundtrack was fantastic. The Hobbit, unfortunately, only had one "great" theme, and there was a LOT of music lifted from the previous trilogy. While subtle nods to LOTR are to be expected musically, it seemed like "Ok, right now Bilbo has the ring. Cue that mournful violin solo from Fellowship!"
As for the story itself, it was pretty decent. I like how they kind of spun it so it was more focused on Bilbo's transformation but with so many characters and storylines, keeping Bilbo at the center was difficult. Bilbo winning over Thorin was a big plot line, but it seemed like Thorin went out of his way to run Bilbo down.
Don't take me wrong, I definitely didn't hate the movie, just nothing about it "wowed me" like in LOTR and it didn't really leave me with anything. With LOTR, I believed I was in a world that had been around for thousands of years. I didn't get that same vibe with The Hobbit. I'm only seeing it again (in the standard frame rate this time) because my girlfriend hasn't seen it yet. I probably won't even end up getting this on DVD though. PJ really let me down.
I'm hoping the next installments are better than this one, but I definitely won't see any of them more than once in the theaters and definitely not at midnight (unless they turn out to be amazing, which I hope they do).