Pros:

* Landscape imagery
* Camera, FX and CGI (for the most part)
* Costumes and stage design, camera
* Martin Freeman and most other actors perform solidly
* The background information is perhaps interesting to some of the LoR fans out there.

Negative:

* Runtime (way too long)
* Music (that's a dumb Hollywood standard orchestra score full of bombast that tries to cover for the dull story
* The jokes (some scenes are obviously meant to be funny but they're just silly and childish)
* The story: it's really dull and repetitive. Just like LoR 1, 2 and 3 btw (of which I'm not particularly fond either). It's the same old same old. In a nutshell: motley crew travel the world and master several adventures in between. Characters are super one-dimensional.
* The end. There's no end. It just stops at a random point and you're supposed to watch the second part. There's not even a cliffhanger. It just tells you that they approach the mountain and that the dragon is still there (I'd have figured that out all by myself). Gosh, I get the appeal of a trilogy, but you can't just transform every story into a trilogy just because you like the concept (or the fact that you have discovered a money making machine).