'The Hobbit; An Unexpected Journey' is an excellent movie. I'd rate it on par with 'The Two Towers' -- not as good as 'The Fellowship', but better than 'Return of the King'. I know the book was padded and I can see the seams, but they fit and the movie does not seem overlong or plodding. Tolkein purists may dislike it, but this film is everything that fans of the LoTR movies are looking for.
Note that I saw it in 2D and at normal frame rate; I can't speak to the 3D version or the high frame rate (HFR) stuff. Just speaking about the movie, not its technical presentation, it worked for me very well.