Use a shutter speed of 1/96 or faster to get the full benefit of 48fps.
I suspect in the long run, many directors will purposely go for a slower shutter in order to add a bit of 'cinematic blur'. I can live with that as long as it's less than what we typically see in modern film. That way we'll get all the benefit of reduced judder, and some improvements in temporal resolution. Seems like a good balance.
What does the refresh rate matter?
I'm suggesting that regardless of media, because there are plenty of examples in different forms of media, the change in framerate has resulted in a consistent look. I don't see why that consistent look suddenly is different when being applied to a Hollywood blockbuster movie. In fact, what people who have actually have seen the footage are saying is just confirming that notion compared to people here who haven't seen it yet they are defending it.
That isn't entirely correct.
Even assuming there's been a consistent look, much of the issue is based on the realities of capture equipment and film stock. In order to get sufficient brightness, you can't mess with the shutter speed too much unless you use exotic film stock. With modern digital photography, the same limitations no longer exist.
I hate to bring up motion interpolation because it's not really a perfect analogy, but the funny thing is people are actually making the opposite point than they think with it. Everyone seems to have it stuck in their heads that motion interpolation automatically gives a very specific 'SOE' look. That's not the case at all. That's simply based on seeing shit algorithms and settings on TV, particularly with jacked up demo TV's at stores.
The reality is there are myriad different algorithms out there, and the better displays offer a number of different modes ... and they've only expanded due to faster processors and refresh rates. Motion interpolation can vary from barely noticeable to obvious SOE, and in the middle there are varying impacts to judder, temporal resolution, and the like. With modern digital cameras, they can control the shudder speeds sufficiently to do basically anything. Will the Hobbit look like an SOE shit-fest? Possibly ... but that isn't an automatic strike against 48p. As both tech and directors' experience continue to evolve, all sorts of looks are attainable.
Actually I just thought of a more practical example. Think back to 'the scene' in Saving Private Ryan or the battles in Gladiator. That look was not done via faster frame rates, they were done by using a faster shutter speed and expensive film stock that could capture sufficient brightness. That was all done at 24p, and look how different it is from conventional film. The level of variance possible with 48p is even greater.