The Hobbit: An Unexpected Journey. First time watching it - I've avoided it until now. Staggeringly tedious. No interesting characters and an incredibly drawn out story that dragged from one set piece to the next.
Smaug is better, but Five Armies, I thought was by far the least good of the three and was bordering on rubbish.
When it was announced that Jackson was going to produce The Hobbit with Del Toro directing, I was really excited. I would have never thought it possible that Jackson could make a pig's ear of it. He proved me wrong.