Peter Jackson seemed to have the intent to reflect the drama and depth of the original Lord of the Rings drawn out story, and so is tried to apply that the the one book prequel The Hobbit. However, I agree, its a bit too slow for the length of the actual book, it would be more fitting if it was worthwhile to flesh out such a story. But, the movie is good, solid, Peter Jackson type style found likewise in the original Lord of the Rings trilogy. Some scenes, like Bilbo finding the ring, may have been elaborated and changed for a reason, you can't just explain a memory in one flashback. Also, Azog seems more of a plot device than anything, Thrain is destined to kill him or mutilate him in some way after or before they defeat Smaug and he really diverts the plot that Thrain and Company are going after Smaug to retake The Lonely Mountain.
But besides that, it was enjoyable and solid, Peter Jackson rekindles the flame.
9.7 out of 10