The 48 fps, to my completely untrained eye, looked beautiful. And I still say that the only place that 3D belongs is in Muppets 3D in Disney World. It did absolutely nothing for the movie, but to see the high frame rate version, I had to deal with it.
As for the movie itself, I'm still angry about how poorly it was done. The beginning setup was great (although I was a little worried from the start since they set up the conflict between Thorin and the White Orc). The scenes in Bilbo's house were great, and as soon as he left for his journey, the whole movie went to hell in a handbasket. The idea of character development was completely ignored, in favor of adding elements to the plot that completely distorted it.
I don't think that any of the changes made to the plot were for the better. The battle with the trolls deprived Bilbo of beginning to show his worth by saving the dwarves, it made him look stupid and weak. Bringing in Radagast was pointless and, frankly, boring. The addition of Saruman and Galadriel to Rivendel did nothing for the plot and since (correct me if I'm wrong) neither one is even mentioned in the Hobbit, what's the point? Finally, there could have been just as impressive a fight scene in the woods if the goblins had been there instead of the orcs (who I also don't recall showing up in the book). The friendship of the dwarves and Bilbo in the movie are practically non existant, and it doesn't make sense that Bilbo will continue to follow them like a pathetic puppy.
I'm sure the movie is perfectly fine if you've never read The Hobbit, but as someone who has, I'm incredibly disappointed. There would have been (almost) the same amount of fighting if they hadn't made all of the pointless changes, and they wouldn't have had to do such a great disservice to their main character.
Whatever happened to class?