This movie was either absolutely brilliant or decidedly average, depending entirely on your fondness for all things Tolkien.
I personally loved it. I loved that it was incredibly faithful to the books, down to minute and arguably unnecessary details and moments. Why? Because I loved the book. I love Middle-Earth. I love Gandalf, Bilbo and the lot. If I didn't have that knowledge and keen desire to experience those characters a bit, I would have been pretty annoyed with the amount of fluff in the film. I also really appreciated Jackson fleshing the story out with non-Hobbit material; I believe it was much needed. The Hobbit is a children's book, and is, at a surface level, not a terribly epic or exciting story. However, the movie's inclusion of themes with Sauron/Necromancer, Gandalf's true intentions and schemes and the orcs add a lot of grandeur and feeling of weightiness to the story.
It's been a long time, and I never thought I'd miss Middle-Earth as much as I did right before the movie started. I need to read through the Silmarillion, I'm unfamiliar with a lot of this backstory.
The only other thing I'll say is that Martin Freeman's Bilbo was a bit peculiar at first. He seemed a much more grouchy, irritable character than I expected from reading the books. In the novel he seemed a bit more uh...obliviously pleasant and naively good-natured? But as soon as he left Bag End, he seemed to fit in great.
Edit: The Dude, that's exactly the thing. What more could have been done? Nothing. People wanted less done.