It was just too long for me. And, regardless of how I feel about it being 'true to its source' or not (Not!
), the film was too internally inconsistent to be great. Good maybe, but so are a lot of things.
I never got the feeling that Bilbo or the Dwarves changed, or grew, or that I cared about any of them.
In the extended edition of Peter Jackson's FotR, you get a liking for Boromir, a character I never much cared for in the Books. PJ humanized him and showed his struggle with the Ring's call. So, at the end of that movie (different from the book), I felt bad when (spoiler alert!) Boromir dies.
Had Thorin or Bilbo died (or had fallen off a cliff to show up later), I wouldn't have cared one wit.