I'm not sure what you mean by the Goblin King being erudite. He actually seemed quite stupid in the movie, and the only knowledge he expressed was basically the same knowledge that he expresses in the book.
Was trying to find a theater showing it today. LotR1 was around for almost a year before it reached the discount theaters for 2 weeks and then faded away. Hobbit pt 1 has almost disappeared after just what--2 months? 3? It is still playing in 1 theater within 15 miles, but that is a pretty drastic fall.
Still, I expect the movie to be at least decent.