Well, I have to say I came away from The Hobbit happy. Without getting into detail, I really enjoyed the movie. I felt that there were a few scenes that could have been shorter, ideally this probably should have been split into 2 movies instead of 3, but overall I think we all really enjoyed it.
As for the HFR presentation... honestly I couldn't tell a huge difference. It may be because we haven't seen a 3D movie in a long time, they just aren't our thing. I wear glasses to the movies, and I hate having to wear glasses over my glasses. It did look good, and there was definitely no 120Hz-like soap opera effect, but I guess I was expecting perfect smoothness and was left a little disappointed on that front. I could still see some ghosting in a lot of movement at certain speeds. Slower movement was great, and the fast action content never bothered me, but I did notice it a fair amount somewhere in between. The 3D itself was very well done, and didn't give me the usual feeling that everything fits into one of 3 layers on screen. It was pretty dynamic and effective.
The Dolby Atmos was what I was most looking forward to, and while I can't say it blew me away, I think it was effective. I meant to pay more attention, but found myself wrapped up in the movie and I forgot most of the time. When I did try to listen critically, it seemed to help blend transitioning sounds, or to add new dimensions to effects coming from places other than front and centre. There was an Atmos trailer before the film began, which was a pretty good showcase of its ability. We were near the back of the theatre, and it may have been even better a little further up.
All in all, it was a very enjoyable presentation and I'm sure I'll see the others this way as well. I would really like to see a 2D film that uses HFR and Atmos, since 3D still hasn't won me over, but I don't think that's in the cards in the near future.