I saw the hobbit today. Thought it was Ok.
The film took forever to start, the stuff in the shire really bogs things down and by the time the film started to properly building up some steam it ended!
A fan-edit is definitely in order. The stuff that they added in to lengthen the plot just seamed to slow the film down to a crawl (And yes I understand that they used supplemental material that Tolkien wrote to lengthen the story, but really hinders the story of 'The Hobbit')