Spoilers Alert:
Just warning as I don't know how people will reply.

I heard it's watered down like hell. You should expect a movie about talking and walking...

No the second half is pretty much action non-stop and the talking is actually pretty good both interesting and funny.

Since I have never read the books, I imagine it's a fun movie.

Thanks for convincing me not to watch it until it in the cinema. Non-stop action does not feel appropriate for The Hobbit, and as I consider the book to be rather important to me (it was the first book I read in English), I don't know if I would be able to accept it if it contains that much action.

I may be lynched for this but...
I read all of those books in grade school and loved them, but the movies...OY! Nine hours of watching dwarves walk around the woods!

"Even the trees walked in those movies!" -Randal Graves (Clerks 2)

I kind of liked The Two Towers but all of the die hard fans tell me that was the weakest one.

I actually quite liked it. It may not be quite on par with the LotR movies, which is as expected, but it was rather nice, though I'm still not sure how to feel about the fact that I won't get to see the actual conclusion of the whole thing for another four years (at least I assume they're doing this one in two-year intervals again). Its more light-hearted story definitely made for a fun experience. Gollum's scene was quite funny, despite being a rather small part here.

I actually happened to see the 3D version. Not on purpose, but timing-wise it just worked out that way. As outspoken as I usually am about such a feature, I must say I was pleasantly surprised by the result. This is one of the rare movies where it really works. No gimmicks of any kind, but a very distinct sense of depth, especially during some of the beautiful landscape shots.

I enjoyed it a lot from start to finish. Great entertainment.

I've read the book a few times and consider myself a somewhat relaxed fan of Tolkien. I don't care much about nitpicking inaccuracies or stuff like that anymore. The movies are partially about Jackson's interpretation of the works, and I think he has done rather well for the most part.

I loved the film. The 48fps 3D was absolutely stunning. The movie itself was quite similar to the book. They went to all the hassle to include the songs! The extra plot that was added by Jackson is quite interesting and should play out quite nicely. Hopefully we'll get to see more Chris Lee.

This right here immediately raises my hackles. I can understand having to cut some things, because most books contain more story than can be squeezed into one or even two movies. But then, having cut a lot of things, to say "Hey, let's make up some stuff and put that in"? In my opinion that's a sign that you should have written your own story, rather than trying to use somebody else's.

MovieBob did a pretty good, spoiler free review:

http://www.escapistmagazine.com/videos/view/escape-to-the-movies/6620-The-Hobbit-An-Unexpected-Journey

Well maybe read some tolkien books, watch the film and then moan about it. The extra story is already referred to in the books, they decided to explain it all and its something I would love to see on the big screen. Its a subplot which gets mentioned and then quickly ignored in the book. In this film they're fleshing it out abit as it would lead very well into the Rings trilogy. Don't criticize until you know what you're talking about.

The thing is though that nothing felt at all out of place. It's been some time since I've read the book, and I certainly wouldn't be able to tell what was added. Everything fits together.

My only complaint, and this might be from sitting through an hour of theater junk + previews, is that the movie felt too long; the last 20 minutes or so really dragged, despite the action.

Since it's your fault I don't know what I'm talking about, why don't you cool down and learn to say what you mean? You said "the extra plot added by Jackson", when what you meant was "the existing subplot which was expanded somewhat compared to the book". Those are two very different things when we're talking about movie adaptations of beloved classic books.