NO SPOILERS HERE
I went and saw the Hobbit this past Saturday and was quite satisfied. The movie itself was 166 minutes, yet when it was all said and done it did not seem like that at all.
My favorite scene was the riddle game with Gollem. The stupidest scene had to be the bridge falling (you will understand when you get to that part).
For the most part Jackson followed the story quite well. He was able to weave backstory items mentioned in the book into the movie (like the council of the wise). There are parts that are pure addition to the story (though the characters do exist in the history of middle earth, just not quite how told) but these additions in no way detract from the story.
The character they cast to play Bilbo was perfect. They tied in the LoTR characters of Bilbo and Frodo in a believable manner.
A great movie, and it was fun watching kids see this timeless tale brought to the big screen.
Note: I saw this in 3D, and while immersive it doesn’t throw things out of the screen at you.