Well, I saw the Hobbit -part 1 (*sigh*) today, and overall I really enjoyed it. There were a few places where I feel Jackson added some elements that really didn't make the movie better (such as Thorin's pale white orc nemesis, or when Jackson pretty much shot-for-shot references Frodo's "ring fall" from Fellowship), but overall I think it's a pretty good adaptation. Plus, I enjoyed how the new scenes working in background information from the Appendices gave me content I hadn't seen acted out before in other mediums.
I could have done with a LOT less shaky cam, though. Some scenes were pretty hard to watch since the camera jumps so much it's hard to tell what you're looking at.