I haven't seen it yet, so take my thoughts with a grain of salt. I think there is the potential for me to enjoy it simply as a movie, but being a Tolkien book-to-movie I'm not looking forward to it. They've added so much and strayed so far from the text of
The Hobbit in trying to milk it for 3 movies that the lore junkie in me just cringes when watching them. I've seen the first two and enjoyed them as movies (the stuff they've added isn't terrible), but I just can't support them as "Hobbit" movies because it feels more like a "based on" than a book-to-movie port.
the final scene p Gandalf bidding fair well to Bilbo bothered because it make Gandalf and the 2 1st age elves look moronic that they didn't realize that Bilbo had "the ring" and that they didn't do anything about the potential of the return of the darkness.
To be fair, it is canonical that Gandalf doesn't know this is Sauron's One Ring at this point. He doesn't confirm this until
Fellowship.