I woke up in the middle of the night with a fever and feeling of death. So this is going to be short and sweet.
I saw "The Hobbit: An Unexpected Journey" on Friday. It was quite enjoyable and did not feel drawn out at all. I have a feeling that the third flick will focus on the Battle of the Five Armies. A lot of the extra material in the film is taken from the LOTR appendices and the "prequal" story The Quest of Erebor.
I did not see it in 3D as my disdain for that format is well known. Therefor I can not comment on the 48 frames per second controversy.