I loved the Lord of the Rings movies, and obviously am a fan of this book, so the story was great, I enjoyed the parts he added, and I was completely fine even with the fact that he's going to make 3 movies out of it. I will enjoy every single bit of story I'm pretty sure.
That being said, HFR (3D too, but 3D doesn't bother me) is not for me. It ruined the movie for me pretty much. I won't belabor the point, but the only times it didn't really bother me were panoramic landscape shots and the elven stuff. The elves looked dead on perfect for the most part. Galadriel looked ethereal and otherworldly and exactly like I wanted her to look. I didn't like the orcs, goblins, trolls, worgs, or dwarves (except for Thorin and the two brothers, who weren't really made up at all) because it just made them look fake to me. And the action scenes just didn't look right at all either.
I realize this is a problem with me and not the movie, so take that into consideration. Whether it is my brain, or eyes, or just being used to the old way, I couldn't get past it. The movie was pretty much everything I would have wanted it to be...except for the framerate thing. I doubt I'll see this one again until it comes out on bluray, but I expect I'll see the next two in the lower framerate and probably love them.