I saw it last night in 3D (wearing two pair of glasses) and loved it.
They definitely padded the book and changed a couple things, but I can forgive PJ and Co. It's a tour of Middle Earth that is breathtakingly well done. I think Bofur was my fave, but I didn't get all the names matched to all the faces.
I like how they're expanding on the Necromancer story that was only referenced in the book a couple times. "Riddles in the dark" was almost perfectly done.