Too long. Looks bad in 3D.

Rating: 3/10 (3 January 2013)

I saw the 48 frames per second, 3D version and at least in my cinema it looked crap. The 3D looked artificial, the colors were poor, and the image lacked sharpness. And of course it was 3 hours of this.
Other critiques: Very little humor or cleverness, action sequences were too over-the-top for my taste, it was too long for the amount of material covered, and it didn't have proper end even for a first part of a trilogy.
That said, the acting and special effects (not including 3D) were perfectly competent.
fwiw, I loved the Lord of the Rings trilogy, but this not so much.