Weak and drawn out compared even to the first one.
Things I liked:
* Trippin' in Mirkwood,
* Barrel-ride,
* Lake-town,
* Dialog between Bilbo and Smaug
Things I disliked:
* NO SONGS!!1!
* 3 of the 5 major plot points are rushed through, culminating in a drawn-out battle/chase scene at the end that, after a while, becomes boring and stretches the suspension of disbelieve to its breaking point
* the added female lead is only motivated by her affaction for two members of the male cast. If you can't handle realistic female characters than leave them out.
Also: HFR+4K+3D makes prostetics look like what they are: rubber :(.
Good acting, nice effects, but man is this movie dragging. One movie (or 90 min for each part if you have to take our money Lionsgate) would have been better.
Season 4 has one advantage: it is short enough to watch this piece of crap and cry about the slow and painful death of an ones awesome series.
Definetly not what I expected (and I knew a great deal about it before-hand), but classic Wheadon nontheless. Great fun.