Yes, you are right, many were not impressed. This article presents an interesting scientific explanation. Apparently the problems was with the closer shots, but the distance shots reportedly looked better.

http://www.forbes.com/sites/anthonykosner/2012/04/28/the-hobbit-at-48fps-too-much-information-and-the-science-of-eye-movement/

I'm willing to postpone judgment till I watch it for myself, and fortunately the movie will be released in theaters in various formats including 24 fps, so if the 48 fps doesn't work out, you can watch in the the good ol' traditional way.

As for the dwarves' representations, I understand the beard-related concern, though I think the reasoning is logical. My biggest concerns actual center around the expansion of the story, including such characters as Gimli and Legolas (though I can see their making cameos due to their relation to other characters more central to the story. I just worry that too many liberties will be taken and it will distract from the original story. But the trailer was very well done and I enjoyed all three LOTR films very much. My hopes and excitement remain high.