I haven't seen it yet. I think I'm going either today or tomorrow. I'm not holding out much hopes, though. I thought the first one was pretty good, and I found the second to be quite disappointing. I predict the third will be a ridiculously over-the-top CGI extravaganza which bears very little resemblance to the book. But I have been more than happy with Martin Freeman's portrayal of Bilbo, so I'm fairly confident that he, at least, won't let me down.
Has anyone else seen it? Care to share your thoughts? I don't think we really have to worry about spoilers. Most everyone knows how the book ends. I hope.