My opinion is similar to HobbitFan's, but not exactly the same.
I don't mind the action sequences. I think visual appeal is pretty much required in the movies these days. The drama, emotions, comedy, plot, and all I can get from my home television soon enough that I don't need to see it in a theater. In fact, often series do drama better than movies, due to tie considerations. And my TV is pretty darned awesome, so the only reasons to see a movie in the theater, are social aspects (going with friends) and visuals I can't quite get at home. Being pretty isn't sufficient, but it is necessary.
However, I find that most of Jackson's changes and additions just aren't as good as the original.
Some of the changes make some characters (specifically Thorin and Thranduil) into things they weren't. Uncomplimentary things. I'm not sure I care for it.
And the whole kind of gets in the way of the personal story of Bilbo's growth as a person.
Also, making the return of Sauron so blatant runs a bit in conflict with the Lord of the Rings. If he *knows* Sauron is back, and he *knows* there's a ring... Gandalf does not wait an entire generation to deal with it, unless he's a moron! Thranduil's behavior makes little sense if it is so clear to be such a huge danger. The Necromancer needed to be left a question, not a known quantity.