Saw The Hobbit (2D) and enjoyed it. I didn't get that "wow" effect that I had w/ the LotR trilogy - been-there-done-that, I guess - but still enjoyable and looking forward to the next two (even though I can't believe they're making 3 movies out of it).
Aside from "too many Dwarves" (which I expected going in), my only complaint would be that some of the action scenes were a little ridiculous. LotR trilogy had a few moments like that, but overall the fights were solid and believable. Hobbit had entire fight scenes that were just over-the-top silly.
Wait, it isn't just one movie?