Saw it this morning.
Ummm... yeah.
Pacing a complete mess. The first two hours feel like they're four hours. The last 45 move along briskly. It does get better: first hour is the worst. Just getting out of Bilbo's house is a painful affair. The movie as a whole is pretty decent, but the word here is "indulgent", as in indulgent of all of Peter Jackson's whims. Maybe he's just being too reverential to the material now ("ooo, this should be a long scene! And this too!!!"), but I can safely say this isn't Phantom-Menace-bad, it just feels like--with all his success--no one was willing to tell Jackson "hey, this scene isn't paced right" in the editing room (or even better "why is this scene here?"). If anything, the editors of the LOTR movies are now all the more evident. Do you remember that bizarre and utterly useless scene in King Kong where the bugs attack? That's what entire stretches of this film feel like. If you're enjoying the ride, then you can relax and go along with it--but it's not well paced in any stretch. The material, for the most part, seems to surpass this problem.
The combat is lackluster and had a very rated-PG feeling. This is obviously the more kiddie-book of the series, so I supposed that explains some of it, and some obvious but not too irritating pandering to the kids was sprinkled throughout.
The HFR 3D isn't bad, but it is strange on the big screen: cinema has traditionally had a lower frame rate than TV, which is how you can tell the two apart so easily. With the nearly-double framerate, the movie looks at times like a TV show or a very seamless video game cut-scene. The 3D is much easier on the eyes overall, but I don't know what to think of it. About 45 minutes of Bilbo's house was enough to get me used to it. In a way it's like how HD doesn't make all movies "better", in fact it sometimes makes things "too sharp".
EDIT: If there's an extended version of this film, I'm not interested. And I loved the extended LOTR cuts. But that was trying to cram three books into three movies rather than spread one book over three movies.