I'll preface my comments by stating that I've never read any Tolkien at all, so all my knowledge of the canon and the LOTR universe is from the 3 Jackson movies.
My wife and I saw it in the high frame rate 3D yesterday, and we both absolutely hated the look of the film. You would think that the higher frame rate would make everything sharper, clearer and more realistic, but it has the opposite effect. The sets look fake and cheap, and the overall experience is closer to CGI than live film. I loved the look and feel of the 3 LOTR movies, but this one doesn't hold a candle in my opinion. It's not for the fans, it's to flex the massive ego behind the camera.
As to the content, the story was good, it was just way too slow. Jackson did a good job of telling the backstory for non-book fans, but even that only took 20 minutes. The pace was just slow as hell, and I found myself nodding off at times, which rarely happens to me in the theatre.
Overall, I came out very underwhelmed, but I attribute that in large part to the high frame rate. I think the technology is going to be very polarizing, people will either love or hate it. I'm not a fan of 3D to begin with (I hate wearing those idiotic glasses), and after seeing The Hobbit, I swore I wouldn't see another movie made this way.
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