I liked it but I would not say I loved it. It was definitely enjoyable but also really felt like the setup film for those that will follow. I liked the main characters and I especially liked the suitcase twists.
The movie felt stretched, at times painfully so. I could not understand how a relatively short book would ever fuel three movies until I saw it tonight. Peter Jackson has pulled in material from all over the place. As a movie it was enjoyable enough but really should not be called The Hobbit. It would more appropriately be named something like "More tales from Middle Earth"