I didn't care for it. And I say this as a massive Hobbit fan, having read it probably 10 times before I turned 13, and even have a custom made replica of Bilbo's pipe.
I thought the casting of Bilbo and the dwarves was excellent. The first movie started out well, but as soon as they encounter their first obstacle (the trolls) it becomes some kind of bizarre and rambunctious circus affair, and each fight in the trilogy afterwards gets even sillier.
Radagast was done wrong, Seriously. Like WTF.
I'll say Smaug was impressive. Casting Cumberbatch to do the voice was a great choice and they almost - almost - captured how powerful and evil Tolkien intended him to be, but that gold pouring scene and all (again, silly circus fights) kind of ruined it.
2/5 for me.