Yeah, loved it.  It was funny in a quirky sort of way.  I think people who criticize it as being a kiddie-pic are really cynical people who have this "it must be serious, people must die, theremust be lamentations, and the characters cannot be happy" sort of attitude.  Yeah, there's some filler, but it's about immersion in the world more than it is crafting a complex narrative (both of which work  in Jackson's different films).  I also think Bilbo is way more likable as a hero than Frodo.  Frodo reminds me a lot of Hamlet, a whiny kid who complains the entire movie then finally manages to suceed by no real merit of his own (really, Sam is the real hero of those movies).  "Sam, I don't think I can do it!  Sam, pick me up when I'm exhausted!  Sam, carry me up the mountain when I can't go any more!  Sam, protect me from the evil troll that's planning to kill me and whom I side with against you!  Sam, get me off!  Sam, kill the spider that aforementioned troll sent to kill me!  Sam, toss the ring into Mordor when I decide to keep it!"  I seriously think "I can't do it" is the most uttered phrase out of Frodo's mouth.  Bilbo's a reluctant hero, but he's someone that actually adjusts to the role of hero after being initially opposed to it.  Bilbo saving Thorin is a braver act than anything Frodo ever did in three films.
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