I saw it yesterday.
Any hope(s) I had for the trilogy are ended.
Hopefully the extended edition will rescue it to the degree that they did (for me) the first movie, but this one goes way more off course than the first movie.
I realize that they are "pulling info from the appendices" to flesh out the side stories that would be going on concurrently to the Hobbit main story, but much of this side story is patently NOT from the appendices and is rather Peter Jackson fan fiction. He's just making **** up or changing what was actually written to "make a better movie."
I tried to go in with the mindset of... Forget the book and look at this as a movie. A fantasy epic standing on its own merits. It's not good even in that light.
Once again, the fight scenes are something out of a video game or a Speilberg movie or worse, Jackson's version of King Kong. One thing that made the first trilogy great was that the fighting was based - as much as a movie will be - on the real world and real world physics. The only exception that I can think of is Legolas taking down the Oliphant.
What happens in these movies is just eye candy for 15 year olds or stoners. Completely over the top to the point where it takes the viewer out of the movie. Never once did I feel tension for any of the good guys in the movie where I did almost every time in the first trilogy and other good movies of this ilk.
Rubbish.
I will say that Smaug was great - until the ridiculous Smaug v. dwarves half-hour sequence where he's made to look like a half-wit and then suddenly decides to leave his mountain with the dwarves still there and the Arkenstone waiting to be taken. It's clear he knows about the significance of the stone and why would he let the dwarves prepare a better ambush? Also - surfing on molten gold?