Overall excellent - I would almost think perfect if LOTR hadn't already set the bar

Rating: 9/10 (17 December 2012)

I loved this movie. The sets are amazing. The CGI is unbelievably believable. The acting is very good, with an excellent Gollum performance (as expected). The beauty of the film is worth watching alone (and by the way, I saw it in 3D / 48 frames per second and loved it ... my wife and mother also thought it looked awesome, and none of us had any motion sickness issues whatsoever).
The two "gripes" I have about the movie: #1 - I feel like they crammed 90 minutes of content into a 170 minute movie. I really do believe that the film should have been two parts instead of three, and some of the sequences felt like some editing was in order. And I'm someone who absolutely loved the extended edition Lord of the Rings movies, because they really added missing pieces to the story. But for The Hobbit, which I am sure I will want to own, I would almost be hoping they have a "Hobbit size" edition that trims things down.
#2 - The bar was set sky high with the Lord of the Rings movies (which are my favorite films of all-time). Of course you will compare the movies, and it is nearly impossible to top those movies. The storyline is grander, the locations more numerous and menacing, the characters more complex, and evil in LOTR is just not at the same level in The Hobbit, which is consistent with the books. It is a shame that The Hobbit was not made first, and then followed by LOTR, but regardless both series of movies will stand the test of time and be regarded as classics.
In summary, The Hobbit is a fantastic film. Just watch it and appreciate it for what it is, and don't expect it to outshine LOTR. It is absolutely a must-see at the theater.
EDIT 12/20/12 - Wow, I'm getting less than 50% helpful ratings on the review - really? Was this just poorly written and had no useful information? Depressing. I hope this info is actually useful to most of you, despite the "no" clickers :-)