Rather than doing a Good, Bad, Okay, I've chosen a different system: Bilbo, Azog, and Necromancer, like the three movies that this new trilogy will try to blend. Bilbo is the original Hobbit parts, Azog is the added, more LOTR-esque parts, and Necromancer is the Tolkien notes parts.
Bilbo: Oh my word, Bilbo. Amazing new sets that once again bring me to Middle-earth! Language, creatures, scenes from the books! The two things that carry it are, respectively, Martin Freeman's Bilbo and the Tolkien lines. Martin Freeman has this interesting way of gesturing that stuck out as quintessential Bilbo Baggins, the way I read him, and the rest of the performance is excellent, from the "I am a Baggins of Bag-End!" Adorkableness
to Bilbo sparing Gollum. Tolkien's writing shows why it still holds up by contributing greatly to the storybook feel. And, oh yeah, the scene with Gollum. That's here too!
Makes troper feel as though she's sitting down and reading book in a comfy armchair: 10/10
Azog: This part can be summed up in one word: action. Amazing, well-choreographed, good special effects action. The Azog-Thorin plot feels like it's been dropped in from another movie, but...ultimately, it's a good movie. The scenes are gripping and dramatic, so even if they don't quite feel like the Bilbo plot, they're still very good. Besides, it's LOTR, so it's still the same universe.
Good movie, just a bit misplaced: 9/10
Necromancer: If not for two very good scenes, I would have named this whole plot padding and been done with it. And those scenes are the spiders and the part where Radagast goes to the castle. Tolkien's expanded universe always had a very epic, creepy, ancient feel to it, which is captured perfectly in these two scenes. The council scene was only bearable because it seemed that other characters were as bored as I was. Hoping for better things in the sequel.
Hinting for better things: 7/10
End result is very opinionated, but:8.7/10. Amazing Bilbo plot weights the score in this movie's favor, and leaves this troper eager for the sequel. Hoping for more epic Necromancer, adrenaline rush from Azog, and some more warm and fuzzy Bilbo. Ultimately, whatever you're watching, you're still in Middle-earth.