Just saw it last night, was pretty solid.
-Great pacing, considering
-Nice balance of fun and action
-Nice work bringing material in from outside of the Hobbit, and weaving it into the film
-Action scenes were rather poorly done for the most part(especially the one in the mountain with the goblins). Also the one where the brown wizard is supposed to be leading the goblins away, but is instead keeping them dangerously close to the group. Made for an anti-climactic, wtf is going on minute or two, and was just poor scene planning/writing.
-Too many useless "Look how awesome our CGI is" scenes, like the stone golem battle. Such a useless scene.
-The final bit with the pale orc and Thorin and whatnot could have been done so much better. Considering pretty much every battle that wasn't a flashback was boring and anticlimactic, they really needed a good one to prop the movie up on at the end, and that wasn't it. Thorin comes out with an oak branch for a shield and that sword...cool. Pale orc comes at him with a mace, on a warg, and beats the shit out of him instead of engaging in singles combat. I mean, sure, I don't doubt for a moment that the orc would do that, but through a film where there are so many coincidences and somewhat out of character moments, could they not have decided to pull the "orc wants to earn his pride back, and demolish Thorin's in part two of their battle", instead of annihilating all the tension that had built up around them throughout the film? They could still have Thorin bested, and Bilbo come in for the save like he did. Would have made for a more intriguing and satisfactory fight. Instead, it just made the film limp to a conclusion.
All in all, I'd give it a 7.5 out of 10. I figure, if you're going to turn The Hobbit into an actiony film, you'd best do the action right, which...it didn't. *shrug*