I had a blast with this. The guy who played Bilbo was really damn good. Also, Thorin Oakensheild is a freaking badass. I really liked that every Dwarfe felt like it belonged, some of them from the previews (that huge one in particuler) seemed like they'd be their for comedy, every dwarfe had a moment to shine.
Spoiler...
Also, I freaking loved the scene with Bilbo invisible and had Sting up to Golem's throat, it was the most emotional and dramatic scene in the movie, and one of the most memorable scenes in the entire series.
I will say this though, it did feel like thy where padding it out, in particuler the opening of the film did seem a little too long. Still, it was fun to watch from begenning to end.
I give it an 8 out of 10.