I wasn't expecting much, but I absolutely loved it. Stunning locations, flawless special effects and a great cast of familiar and new characters.
If I'm nitpicking, I would say that Martin Freeman barely strayed from the persona he creates for everything else he's ever done, and the film just kinda ends abruptly, when the momentum is heading towards the battle with the dragon.
It has reignited my interest in the series and I'll probably go to the cinema now to see the next instalment.
I'm interested to know just how much of Guillermo Del Toro's work is in the final film. Some of the creature effects (the Goblin King) seem to have his stamp all over them.
When you can't see the angles on the wall you're in trouble.