That said... I'm still not the biggest fan of splitting it into three films.
If you haven't watched it yet:
There are so many moments to be happy about. Radagast with the hedgehogs darn near made me tear up. Bilbo running out of the Shire with his map flailing in the wind made me smile. Gollum is funny and creepy; man, I've missed Andy Serkis. Trolls. Galadriel. And mostly: hearing Gandalf explain why he asked Bilbo to join their party.
On top of all of that: Middle Earth is just beautiful. I continue to be amazed at the ability of Jackson and his crew to turn a place from our planet into an otherworldly place that should only exist in fiction.
Oh, and this phrase from Gandalf caught my ears: "Home is now behind you, and the world ahead." It's a piece of the song Pippin sings for Denethor in the Return of the King. It was penned Bilbo and appeared in the book version of Fellowship; I think it's a nice a touch.
And did you see this shot of Thorin Oakenshield?
For added fun, you can watch five different endings at The Hobbit's official website!