I’m only typing up about the first third here, have to watch this again to give complete thoughts, will do so soon:
I like most of what you’ve done here, this was quite enjoyable.
The beginning was well done. Though, without much dialogue, it almost feels like an opening credits sequence without the credits up until Bilbo takes the fish off the pan. (Might add some reverb to Galadriel’s voice at the intro, you can hear the cuts at the end of her words)
The dwarves’ arriving, dinner and meeting were all done very well.
The montage during the Misty Mountains song was excellent. And though I kind of miss that little moment where Bilbo looks at the contract and then to his door (not the running down the hill “going on an adventure!” bit), it worked nicely that it just cuts to him on the horse, having been convinced to join the party by the song they sung.
I think losing the trolls scene was a bit jarring, even in trying to separate myself from the source material, it still seems like something is missing there. Sure, it can just be that they happen to come upon a few petrified troll statues along the way, but for the uninitiated audience there’s nothing to explain why they’re petrified. Not a huge deal I guess.
The fireside Azog story was well done.
Very impressed by the orc chase scene with no Radaghast, very well done. Most edits omit that scene but you’ve made it work in transitioning to Rivendell.
The Rivendell dinner scene was good, also the next scene of the moon runes reading.
Great work on the small flashback scene of Thorin contemplating “the sickness”. You did a great job re-purposing the backstory scenes in the original.
I think there should be retained some of the introduction to Galadriel and Saruman before the white council, again, just for the audience’s sake (who are these people?), otherwise the meeting itself was cut together well.
The added Thorin dialog during the departure didn’t work for me. Thorin suddenly insulting Bilbo as they’re leaving seems out of character, even for grumpy dwarf Thorin.
The stone giants were not missed.
The goblin town scene worked up until the part where the goblins were clearly taking them somewhere for a bit, then all of a sudden they’re beating the crap out of the dwarves… then Gandalf shows up. Again, it feels like something’s missing here. Having just a bit of the goblin king wouldn’t hurt here (not that terrible song, though).
The action in the tunnels was cut well with the Gollum scene. The Gandalf audio over the part where Bilbo shows pity to Gollum was a little clunky though.
The fir trees scene and eagle rescue… was awesome.
The scene where Thorin wakes up on the Carrock has an odd moment where Bilbo just looks at Thorin and Thorin notices the mountain behind him, sort of shrugging off the fact that Bilbo tried to save his life. I’d rather have the embrace and “I’m sorry I doubted you” in this instance.