The Hobbit was an overclocked train-wreck. It was like that most recent Star Trek movie. It was one action scene after another. Even dialogue at time's fit this model. The comedy was oft cringe-worthy and out of place. The voices of the trolls and goblins are awkwardly off character.
People, in RL, defend it by snooting, "Did you read the book?"
Reading the book doesn't matter. If it's bad and in the book, the director should craft it into something good.
Where Lord of the Rings took out material, this one added to make the time mark. It was watered down. It was poorly done.
I liked Bilbo. Gollum was great, deserves a spin-off. I didn't like the pale orc while watching, but his imagery and voice haunts my mind, so kudos to that. The special effects were good enough. I liked how goblins and orcs were more easily discernible, forgiving their design differences from the original movies. I disliked the stark behavioral and costume differences between old and Hobbit trolls.
It could have been great. We would have waited for great. We got forgetably watchable. I have doubts I'll see the second one in theater.