Not as great as any of the three films of The Lord of the Rings trilogy, but a decent conclusion to The Hobbit story

Rating: 7/10 (13 December 2014)

I have read the book, and I was excited when it was announced that "The Hobbit" story will be told through the live-action medium. However, I'm one of those who didn't like the idea of splitting the story into three films because there isn't much content unlike "The Lord of the Rings". So, I guess we were expecting a series of films not intended to be at par with the "The Lord of the Rings" trilogy after all.
Contrary to the impression of many film critics, I thought the first film was memorable because I think it captured the atmosphere of the story well -- somewhat close to what I have imagined while reading the book. The first film also took its time to develop the characters. Then, there was this second film, which I found quite good; and overall, I thought that the first one was better despite the second film being more visually impressive. It's just that the second film seemed stretched out because more details were given in the action scenes, which contributed little to the advancement of the story. And then, here we go, the third film, "The Hobbit: The Battle of the Five Armies", finally came out. Based on the book and what was told in the first two films, there isn't much story left to tell in the last film other than a vivid depiction of the battle. So, I wasn't expecting much from the third film other than a decent conclusion and some exciting action scenes.
I saw it this weekend, and indeed, the third film met my expectations. It is a decent conclusion to the trilogy, and it contains some impressive visuals and exciting action sequences. If you are expecting lots of action sequences, I think you will enjoy the film. If you are expecting a compelling story with the same level as that of any of the three films in "The Lord of the Rings" trilogy, I think there is a high possibility that you will be disappointed. At the least, the film has provided a good background for The Lord of the Rings. If you are not aware that The Hobbit is a prelude to The Lord of the Rings, I think you will have the impression that many doors have been opened that the film failed to develop and provide satisfying conclusions. For those who are aware about it being a prelude, you will find it to be a decent bridge about Sauron's expulsion into Mordor, the resurrection of the nine fallen kings, and of course Bilbo's affair with the ring.
When it comes to the visuals and action sequences, I think they are at par with that of the second Hobbit film and at some point, better. Some of the memorable sequences are the Laketown attack by the dragon and the confrontation between the guardians of Middle Earth and Sauron. Just like in the second one, there were sequences where they "overdid" the CGI, which made some scenes looked artificial. I liked the idea that they inserted some story sequence not found in the book, and I think it worked. When it comes to the depth of the story, there were times when the film felt unsure about where it is going, and I thought that in some portions a better editing is needed. Many scenes felt too long for its purpose and were probably better off when cut short. The second film felt stretched out, but the third film felt stretched out even more. There were scenes that were ought to be compelling but ended up low-key or uneven. Some jokes didn't work quite well. I was expecting some solid depiction of Thorin's madness and its resolution, but ended up wishing for something better. After all, this is what I thought to be one of the highlights of the story. In the first film, I was thrilled by Gollum's riddles; in the second one, I had some eerie encounter with Smaug; then unfortunately in the last one, I don't think I encountered anything equally compelling or memorable. If you are expecting some breathtaking battle and some emotionally satisfying sequences just like what you might have experienced in The Lord of the Rings, I guess you will not be able to find it here. I was also wondering about the musical score; I couldn't seem to find a novel theme that stands out (something at the same level as the theme of The Shire), although I think the score suits the film well and the song at the end credits is good.
At the bottom line, this film is a solid story about greed and friendship, a children's story if one would like to put it that way. Despite the shortcomings, the spirit of the book is still there. And by the way, the scenery along Bilbo's return journey is breathtaking, and the Shire looked good as always.