Saw The Hobbit last night, I enjoyed it. It took a while to get going but there's some great scenes, particularly one between Gollum and Bilbo. The 2 hours 50 minutes passed quite quickly which is good.
For any LOTR geeks, there seems to be a continuity problem as when we are told during the LOTR trilogy of how Bilbo originally acquired the one ring, that seems to have changed somewhat in the Hobbit!