I apologise for the delay, but here's my take on the movie, which I saw with my SIL.
The bottom line is that if you want it to be like the book, you will be disappointed, but there is a lot to like.
First, the technical stuff: SIL's professional opinion--the direction was superb, the movie should have been cut by 20 minutes or more to remove irrelevant bits, and the action was way over the top. We saw it in 3D, which I have been avoiding because my eyes don't always track together. I was pleasantly surprised to find that it worked perfectly well for me. However, I don't think it adds much to the viewing experience.
Martin Freeman, who plays Bilbo, doesn't look quite like we imagine him, too thin for one, but he's very good in the part. Sir Ian McKellen does his usual good job as Gandalf, and Andy Serkis' Gollum is great--similar to LOTR, but maybe a bit more vulnerable. Thorin Oakenshield (Richard Armitage) is pictured as fiercely vengeful against the goblins, especially the one he thought he'd killed. He isn't the way I'd pictured him, but he does a good job.
The biggest flaw in the movie is the way they've beefed up the action. Battle scenes are too long, too gigantic, and too improbable. They've added some, too. The movie opens with a prologue showing how the dwarves lost their home and treasure under the mountain, including a gigantic battle with goblins. There is a long stretch involving the wizard Radagast (who is barely mentioned in the book) discovering evidence of the Necromancer and warning Gandalf, ending with an extra battle with wargs and a very improbable chase. Maybe this is going to go somewhere in the next two movies, but it's pointless here. The stone giants aren't just throwing rocks in the distance, they are the mountains, and our heroes are left standing on a small plateau just big enough to hold them. And so on and on. I shudder to think what the battle of the five armies is going to be like.
That said, when the movie sticks to the story there are many scenes which are fun, where you do get the feel of the book. It's worth seeing for those, even if big fights aren't your cup of tea.