I can usually enjoy a movie for all kinds of reasons even if the plot is bad or it doesn't follow the books or what have you as long as the design work is good. I'm a costume designer and makeup artist, so I can get lost in the visuals. I enjoyed the experience of watching the movie, and in particular, not choking over the horrendously bad costumes for the elves in LOTR, (though I was still pulled out of the moment by close ups on machine buttonholes in a medieval level tech world, but I digress), and was easily distracted by some of the bad editing and compositing between the CGI and practical effects.
But, the whole The Hobbit: The Desolation of Luke I am Your Father aspect of the film just makes me go 'meh,' no matter how much fun I had watching it. That kind of cliffhanger is bad storytelling. You keep people engaged and wanting to come back to see your next film by making a kick ass film that advances the story that can stand by itself, not a 3 hour trailer for your next movie.
Smaug was indeed awesome.