The jist of this one? A lightweight fantasy trifle with an all-world effects budget and a seriously inflated sense of self-worth. There's a classical adventure formula stuffed snugly at the core of this letterbox behemoth, but it's so thoroughly entrenched in a world of fluff and fat that it can sometimes be difficult to keep in view.

A certain degree of self-indulgence for the sake of fan service and depth can be excused. In fact, The Hobbit's light moments of fancy are where it has the most fun, showing off the strange little touches and quirks that make Middle Earth the puzzling, appetizing realm it truly is. At some point it's time to cut to the chase, though, and like a drunken slacker on holiday, this picture often hasn't the willpower to heed that call. For a hundred-thirty minutes it lingers, drowning its audience with padding, and just as the getting's finally getting, er, got... we slam headfirst into a flat black wall dubbed "to be continued."

It has its strengths: the aforementioned visuals are a true revelation, the cast is wildly varied and dazzlingly colorful, and the dragon at the center of it all is truly awe-inspiring, a sight well worth seeing. The weaknesses, however, are just as numerous: most of the action scenes are carried-away bits of unreal CGI madness, it's overloaded with cameos and redundant, over-acted characters, and the constant pacing issues are downright crippling.

As daydreams go, it's magnificent. A complete story it isn't, though, and it's rife with holes and faults. Perhaps the services of a bold editor would be appropriate for the closing chapter of this trilogy.

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