All in all pretty good 4/5
The 'extra' bits are hit and miss. Good: Sauron reveals himself, Thorin's obsession with the Arkenstone. Bad: The whole melted gold bit, all the bits in Laketown.
Martin Freeman is excellent, I would have liked more of him, even though normally I find him annoying.
Other good bits: the trippy bit in the woods, the barrels, the dragon + bilbo.
Beorn was stupid and the orcs are getting boring esp considering they are not even in this bit of the book.
It didn't seem like 3 hours.
But then I am a total geek so I'd probably find Peter Jackson doing a dump on top of a scenic mountain entertaining.