Martin Freeman was tremendous as Bilbo. And if you don't compare to LOTR it's a very good adaptation.
But there are two main criticisms that I agree with.
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it was too long and they added too many subplots that didn't exist in the book
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it used too much CGI and not enough practical effects
As a LOTR nerd it doesn't bother me too much because I'm happy to get more content. But as a film, I think it could have been executed better. There was never enough book to fill 3 whole movies.