Got around to watch this and it was really good and professional. Some quick thoughts:
-Fat was trimmed in great places, no unnecessary romance, questionable humor with the town major and his advisor and no illogical references to LotR characters.
-I noticed some quite fast cuts from a character saying something and then the next scene beginning, could have used a few seconds of breathing time. But maybe there wasn’t any footage for it until the next character said something.
-Thorin turning back from the madness was well done, no overdone slow motion dwelling in the dungeons first. Dwalin’s talk with him is the last push needed for him to come back.
-The cut from Thorin saying they are gonna kill Azog to them being in the town ruins was little quick. Is seems they got there in an instant. Maybe could have used some shots of starting to ride towards the town. Their fight was cut great however, being more dynamic now and not bloated.
-The good build up scene between Bilbo and Smaug is kept, but the overlong battle between him and the dwarfs is cut, which is good cause it doesn’t really advance the plot.
-Scenes leading to Fili’s death are cut quite quick, when the scenes between are cut.
-Funeral of the dwarfs is included which is great! It was weird that it was cut in theatrical and you were felt wondering about the fate of the arkenstone.
-I have not seen other Hobbit edits and don’t know how this compares to them but this beats my official Blu rays easily. No reason to watch them now. Now the Hobbit is just one (long) movie and LotR are three, just like the books.