Overall: loved it. LOVED IT. Not perfect, but its flaws felt incidental to me. In a way PJ is giving a colossal raspberry toward current cinematic taste in pacing. It's like a strange but usually effective cross between the Epics of the David Lean era and the heavily cross-cut action films out there nowadays.
And it also does, I believe, as fine a job of reconciling the tone of the lighter parts of TH with the parts that are really quite dark when you think about them as can be hoped.
The incidental flaws, where 10 is radioactive scrubbing bubbles/Osgiliation and 1 is "they didn't get the color of Pippin's scarf right":
4-Prologue part deux, Frodo and Bilbo. While it was fun seeing how they dovetailed it with FOTR, it was one of the few parts of the film that felt long-ish. I can understand both the desire to get Ian Holm and Elijah Wood in briefly, and also the desire for a frame, but with the Erebor/Dale prologue there, it felt out of place. I would have switched the order of the prologues and condensed the Bilbo/Frodo part.
3-The motion of the CGI wargs never quite looked right, especially in one long, well-lit chase scene.
3-The use of what I think of as the Witch-king motif for a face off between a good guy and bad guy (neither of whom is, in fact, the Witch-king) was odd.
2-There were about two moments in Goblintown where I thought the action went over the edge into Road Runner territory...but they were moments. Like a second and a half or less each.
3-Alatar's correct in Azog not being less convincing...you know, for a creature that doesn't exist.
His skin is too
smooth for an orc, especially in comparison to the Great Goblin. On the other hand, they gave him Elijah-Wood-Blue eyes, which *enhances* his creepiness.
That's really about it. The seams between the on-the-page material, the stuff pulled out of the appendices, and the stuff they just added in felt less obvious to me than in any of three LOTR movies. I still noticed them, obviously, but none felt as if they distorted either characters (such as with Faramir) or situations (Aragorn off the cliff) or logic (see scrubbing bubbles above) to the point where I gritted my teeth.
I really didn't have a problem with Raddy. I thought his depiction was still within the realm of what Saruman and Gandalf described: a bit ditzy, gone a little too native, but still Istari.
Things I loved and possibly shouldn't:
The physical comedy of the trolls.