I've seen it last night in 3D HFR or 48fps. It does look a bit strange for a while, but I got used to it. The action scenes, especially battles with flyovers definitely benefit from the higher frame rate as it diminished motion blur and you can clearly see what is going on. That being said, it looks weird for interior shots and close-ups of actors. I think the filmmakers will have to adjust they way they film these kinds of scenes in 48fps, especially the "shaky-cam" action shots look very bad in 48fps. So for me, it doesn't look worse, it is just different and in a lot of cases much better than the good old 24fps even if that offers a more "cinematic" look.
With regards to the film itself, I liked it, but it felt too much like milking the cow to its last drop. I read Hobbit as a book as well as the Lord of the Rings books a long time ago, well before filming of the first LoTR movie started. I think they should have made the Hobbit into two movies instead of three. That way they would have used as much source material as possible, but it would improve pacing of the overall story. The story didn't advance much in this first movie and there's still a ton of stuff that needs to happen. For example the beginning scenes at Bilbo's house took way too long, while I appreciate that they incorporated Tolkien's songs from the book, the whole thing could have been wrapped up in 10 or 15 minutes instead of an hour.