Just saw it last weekend. It was pretty good - not a masterpiece, but enjoyable. There was a lot of material tacked on, but none of it felt like filler. I didn't even think the sequence at Bilbo's house was too long. It certainly wasn't the "dwarven bacchanal that goes on & on & on" that one reviewer called it.
There were certain bits of business in the escape from the goblin kingdom that devolved into cartoonishness though. I mean, even wizards & dragons can't suspend enough disbelief to get over a footbridge acting like that.
Speaking of which - if you lived in a town that was 90% bridges & catwalks, wouldn't you think about putting up a few guardrails? Just saying.