How was the Hobbit?

On another, appropriately escapist note, who has seen the Hobbit last weekend?  We plan to take it in later this week in a lull between family Christmas visits.  I’ve heard of people who loved it greatly, who were disappointed, and who were made nauseous by the twice-as-fast photography and rate of projection.  (One can see it without that effect, in the 2-D version.)  I’d like to hear what you thought of it (including your reaction to the special photography in the 3-D version).