I was pretty disappointed with this. I've read the books, so I knew The Hobbit was going to be on a different scale from LotR, but I was still expecting more. With the amount of filler scenes in this, I can't see why they needed to stretch the series into 3 movies, other than to make as much money as possible. Even the action scenes weren't as enjoyable as the original trilogy. (Although the lack of blood continues to make me laugh. Decapitations are fine as long there is no blood.)
And I know this is more of a complaint from having read the books, but isn't it a bad sign that PJ needed to bring in the Azog story line (from the Appendices I'm assuming?) in order to make the pacing work. Every time things got bogged down, here comes the Orcs to rush them somewhere else.
6/10