I'm a little bit suspicious when it comes to evaluating the work of Tolkien translated to a movie, after all, I think the man was a genius, so, unless someone really managed to screw up his whole work, it would be very hard for it not to turn out to be great.
Of course like in any other movie adaptation, there are details missing from the book and the book always gives you a more detailed view from things, but I really enjoyed the screenplay and I think it's a story to which even those who aren't familiar with the book or with "The Lord of the Rings" trilogy can understand and, most importantly, enjoy.
I've seen it in 3D, which is always something I would recommend to people, for I'm also a sucker for 3D kinda movies. I think the visual effects people worked really well with it and it definitely helped create the whole magical world of mythical creatures surrounding the story. It's great to see how those people seem to have been making the impossible possible and make you wonder what will they do next.
1st dwarfs song in the movie? Really catchy!
So, to sum it up, for those who enjoy fantasy/fiction, The Hobbit is definitely a must see! And I can't wait for part 2.