I don't associate HFR with soap operas. When I think of high frame rates, i think of video games, which is why the scenes with CG Azog reminded me of cut scenes from a PC game.
What I felt was that I was on the set with the actors. The costumes, make-up, and effect were mostly amazing, but in scenes with real people, the high frame rate broke the cinematic spell, exactly like walking onto the set.
I could see HFR 3D working really well with certain kinds of material, but this is not it, as far as I'm concerned. I don't want to be on the set, I want to be in Middle-Earth.
It's similar to a complaint I have with some Blu-Rays, like the Wizard of Oz. It's so crystal clear and sharp that Oz looks like a crummy set now. That's not what a Technicolor print on the silver screen looked like. I don't think a film like The Hobbit is supposed to feel like you're standing there. It's supposed to feel a little less real than that.
Last night, I saw Life of Pi in 3D, and it further convinced me that 24 fps is film. That film would've looked small and "too real" at 48 fps. I never really thought about it until now, but I think 24fps has a charm that's lost at higher frame rates. I'm aware that I'm just used to 24 fps, and HFR technology might have a charm all its own, but it's not the same as the charm of real film.