I recently finished the Hobbit Trilogy and I have 2 words - Under Whelming. When I first heard about the prospect of a Hobbit film, I was excited. But after I discovered it would be a 10 hour epic like The Lord of the Rings trilogy, I was confused. After seeing the first film in the theater, I decided that the next two would have to be on DVD.
One reason is the effects (FX). In a recent article on Cracked.com, David Christopher Bell gives all the reasons why modern movie CGI looks so bad, so I won't go over that territory again.
The main reason I didn't like these films is because they weren't that interesting. Apart from 2 or 3 scenes out of the entire 9 - 10 hours of screen time, the story was flat and at points boring. Guillermo del Toro was smart to bow out of this series.
I would give the Hobbit Trilogy 2.5 out of 5 stars.