All this said, I liked this movie. No, it's not the Hobbit, I first read when I was in 7th grade. It is a strong action, adventure fantasy. I know many people who do not actually know the story of There and Back Again will be very disappointed that the book has no love story between an elf and a dwarf. There are no orcs who are secretly driven by the spirit of Sauron. I must admit that the attack with dwarves on mountain goats was a bit silly. Still, Jackson leaves the major story intact including all those who survive and do not survive as it occurred in the original story. The defeat of Smaug is spectacular.
The effects are still strong, although a few of the gags such as giant trolls knocking themselves out by running into walls or other objects got a bit repetitive. The story is still strong enough to carry themes of the evils of greed and finding one's nobility and courage. The characters are still clean and even serve well carry the themes. There is still magic in Jackson's direction. He carefully draws parallels between the Smaug the dragon and the greed of "dragon sick" Thorin Oakenshield. He doesn't just mention the sickness that plagues Thorin's mind but introduces vocal similarities between the dragon and the dwarf king. While the final descent into Thorin's battle between his honor and his greed on a lake of gold is a bit over-the-top, it is still visually masterful scene. It is really the sort of scene that I wish had been included in the second movie when Bilbo should have found his courage in the Smaug's lair.