Pointless, over-long and a headache inducing CGI blancmange.
Some fun to be had along the way but it's a movie about a bunch of dwarves traipsing for miles to reclaim their home from a dragon, while some people tag along.
That story DOES NOT require three, three hour movies.
LOTR's at least had a story, a heroic journey, a sense of good fighting against overwhelming evil. This is a road trip.
It's not all bad. The scenes with gollum are great, some fun to be had with the dwarves, and Sylvester McCoy is fun as Radaghast the Brown, but Jackson has lost his mind to CG. The set pieces are all, silly, retard physics, over-edited cartoons. The films big finale with the Goblin King etc is just relentless. It's never a good sign when you're repeating in your head 'Please be over soon, Please be over soon'.