My girlfriend owns Beauty and the Beast 3-D on Blu-Ray. It actually got released on 3-D Blu-Ray first before the theatrical release. We watched it a few weeks ago on our 3D plasma and personally, I was amazed. They did an incredible job, considering that this was (primarily) a traditionally-animated 2D film. They didn't just split the animation into separate flat planes - they actually gave everything actual depth - a "roundness" to everything. The professional reviews on the 3D Blu-Ray are also very positive - from blu-ray.com:

"I'll even go so far as to say that Disney's conversion and subsequent presentation are so brilliantly executed, the 3D so carefully implemented, that the majesty of the resulting image will convert many a skeptic and 3D holdout...As 3D conversions go, I couldn't be more impressed. As 3D Blu-ray releases go, they don't get much better than Beauty and the Beast 3D"

I agree entirely with that reviewer. Keep in mind that converting CGI films like Toy Story and Shrek are relatively easy, since the studios still have all the information used to render the CGI, so they just re-render the film with a left and right view, so you get true 3D. For a film that is hand-drawn like this, it has to be carefully converted by hand, scene by scene, frame by frame. I think they did an astonishing job. I'm actually looking forward to watching it again, and if it wasn't so expensive to see in the theatre, I would actually like to see it on the big screen.

I agree the marketing for Hugo was poor. It was also a very expensive film and sadly it doesn't seem to be doing very well theatrically. It hasn't opened yet internationally though, so hopefully it will do well internationally.