I was lucky enough to be at the Royal Premiere at Leicester Square last night. It was shown in 48FPS 3D, and to me it looked very sharp, with better depth. I've never been overly impressed with 24FPS 3D in the cinema, my Panasonic TV does it better IMO. 48FPS is an improvement to me, although I have to agree that the extra resolution can make some effects and sets look artificial.
The film is really good, yes it's long but you don't get bored! Critics today are saying that making 3 films is milking a cash cow too much, but having read The Hobbit many times, if you made a film that stuck to the book it would not work, there is a lot of material that is summarised and assumed in the book to keep it suitable for it's original audience (JRR's kids). Peter Jackson has extrapolated the action and added in some material from 'Unfinished Tales' to make more of the story and weave it into what we already know from LOTR. 9/10 from me...
The Premiere was amazing, met Bernard Hill, Dominic Monaghan, Billy Boyd, and William Kircher (Bifur), and saw just about everyone else, brilliant stuff!