Saw it. Liked it. Enjoyed the slower story-telling pace of it, much as I did the first LOTR movie - my favourite of the three.
I noticed the visuals were often muddy though, and wonder if that's because, as others have said, the CGI can't keep up with the frame rate. There were multiple points along the way that I thought "this would look sharper on my plasma screen at home." In retrospect though, I think it had more to do with how the thing was filmed. Whatever it was, something was decidedly off during a lot of the action sequences and even simple camera-panning.
On the whole though, it was slightly better than I expected, and a good chaser for the disappointment that was the Dark Knight Rises that I watched last night.
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