Cards on the table: I only went to see this because I wanted to see what a film in 48 frames per second would look like. I would have gone to see just about anything, and this happened to be the first one that came along.
It’s several decades since I read the book, so I can’t comment on any adaptation or on the stretching into three films.
This film is far too long, and remarkably devoid of female characters (with the obvious exception of Cate Blanchett). It has a bunch of interchangeable dwarf characters, none of whom I found interesting, apart from the delectable Richard Armitage (obvz).
Technically, 48fps does give a highly realistic image to the characters in the foreground, and seemed to make the 3D light loss much less of an issue. I did, however, find that it showed up the computer-generated background as much less real, and a huge contrast to the live action.
3D tends to give me a headache, but I will definitely try out more films in the higher frame rate when they appear.