If you're even a mild Tolkien fan it is worth seeing.
Visually it is quite stunning.
However, with that being said, can the three PJ Hobbit films, taken as a whole, be considered absolute and unadulterated crap?
Well of course.
The first one was just lame and way too long.
The second one sucked bigtime and was way too long.
The third one isn't bad, and was way too long.
At the beginning of the third one is a scene where the members of the White Council show up to find out why Gandalf has been at Dol Guldur so long... It is wayyy videogamed out, but actually kind of a cool scene.
I'm a huge Tolkien fan, and when I see these I have to assume I'm watching someone play a game...