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First a little background: I'm a huge fan of Tolkien, I first read "The Hobbit" years ago when I was 9 or 10, and "Lord of the Rings" several years later, and have re-read both many times. I enjoyed Jackson's film adaptation of LotR immensely, despite some significant story and character departures from the novel, as well as some omissions (The Old Forest / House of Tom Bombadil / Fog on the Barrow Downs, Scouring of the Shire, amongst others). Some material had to be redacted, and changes to the story line were necessary to accommodate.
I don't necessarily expect a film adaptation of a beloved novel to be completely faithful - and I generally view films with that in mind. Directors are going to wish to leave their own creative mark on film adaptations, and I view their work with that in mind.
With that in mind...
I've now seen the film twice, the first in 2D, the second time in HFR 3D (48fps). Having seen both versions, I wish they had released a 2D HFR version - I generally find stereoscopic 3D to be a distraction and somewhat "gimmicky". This film was no exception. The HFR aspect was interesting - after a lifetime of viewing films at 24 frames per second along with the blur in action scenes, the crisp and fluid motion at 48 fps took a little getting used to but I grew to appreciate it shortly into the film. I look forward to seeing what the format will bring us in the future. (I'll note that it took some getting used to the added resolution of HDTV.)
"An Unexpected Journey", first of 3 films, covers chapters "An Unexpected Party" through "Out of the Frying-Pan Into the Fire", along with new material to weave the story of the Necromancer in Dol Guldur and an introduction that told the story of Thrain's kingdom at Erebor and it's fall. In addition, some material was added to tie the story to the LotR timeline, which I think was a good call for viewers who haven't read the books.
If I was to say that the film was a faithful adaptation of the book, I would be lying - though much of what was changed or added was fairly well done.
All in all, I enjoyed the film and look forward to the next two installments.
The remainder of this post contains spoilers.