Watched it this afternoon, HFR version. I loved it and I left so confused about all the harsh criticisms it's been getting. It's pretty much all consistent with what we would expect, except with the story of The Hobbit instead of LotR. Just remember they are different stories. But all the expected elements are there. The HFR I hardly noticed; didn't seem much different than any other decent 3D movie I have seen in recent years. The HFR definitely does not take anything away or "cheapen" the visuals; those are from unfounded criticisms. And while it is another long Jackson movie, once again it doesn't feel it. The pacing is fine. To me PJ hit all the marks and got the job done.
I never say this, but I will now. Just ignore the critics. I don't know what they were smoking when they watched it. Or perhaps they were all cranky for staying up so late to see the midnight viewing.