Those who are calling this picture the equivalent of the Phantom Menace really ought to be ashamed. LOTR is an EPIC, The Hobbit was originally meant as a BEDTIME STORY. That's an important and fundamental thing to understand. Most of the criticisms here are just being plain nitpicky. The flaws were and are fairly small. Maybe it helped that I haven't read the book in over a decade so all the details weren't fresh in my mind.
Regardless I felt like I was there again, in Middle Earth. And more importantly, I felt like I was in the book as well.
Fun as hell, this movie really flew by(it felt like an hour and a half film!) 89/100