Overall I was underwhelmed. I found 3D to be distracting. There's weird glare on the glasses... reflections off of the ceiling are filtered out of one eye, so that you get artifacts above the screen. I also see artifacts around point light sources.
The cinematography was good, but I found the story to be tedious. And ridiculous elements, like the rabbit-powered sleigh, prevented me from immersing in the story.
Jackson also tried too hard to draw parallels between this and the LOTR movies. The ring flying into the air and then slipping onto a finger has been done, dammit, and I don't want to see exactly the same scene again. Smaug is not Sauron, either, even if you show his big goddamned eye.