Very sad to say that this was a terrible film. High def was a complete washout, it looked like a bad episode of Dr Who. Mawkish sentimentality started and ended the story with poor set scenes and limited imagination in visualising middle earth. The only good elements were the trolls and gollum but both these characterisations were hampered by poor story telling.
The introduction of non hobbit characters, a super Orc and radagast, were an unwelcome departure and my conclusion is that Peter Jackson simply doesn't understand British comic pathos.