Went to see in again, in HFR this time, and I was staggered by the difference it makes (way more than I thought it would) and I can't make up my mind if I prefer it or not. I did notice a few sections that seemed over-fast, but these were confined to very tight close-ups of characters performing quick actions; no wide shots gave me that feeling. Overall the HFR seemed to cheapen the look of the film, giving it a TV/home video quality, as many have pointed out... many scenes also felt like video game cut scenes, even having a bloomy/HDR glow, in fact the whole aesthetic felt rather like a video game, with parts looking like something from Witcher2, Gears Of War and a few other games from recent years.
The clarity overall is amazing however, and the big effects and open landscape shots are quite awesome in HFR; this is where the tech really comes into it own and makes it quite mind blowing.
Maybe in the future things can be done to lessen the cheapening effect, and put back the cinematic feel; after all, this is a new technique, which film makers need to adapt too... I'm glad PJ has tried to push the boundaries, and I'm hopeful both 3D and HFR techniques will get better, and make going to the the cinema, rather than watching at home, the event it once was... it has felt stagnant in recent years.
As for the film I really enjoyed it again, but did feel the section in Bag End was a little too long this time; with repeated viewings, it could really drag.... still a 9/10 for me though, and wish parts two and three were closer to release.