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This will be quick and I'll try not to spoil anything for those who haven't read the book.  Overall the movie is pretty entertaining.  It is a bit slow to start, but after the first 30-45 minutes the adventure starts to pick up.  For me, the movie was not in the same class as the previous Lord of the Rings movies, although The Hobbit is by far my favorite book.  They did a very good job with keeping the movie coherent with the book from what I can remember (it's been about 5 years since I last read the book).   I think if you read the book you will get more enjoyment out of the movie because my friend went with me, who did not read the book, and he seemed bored at some points in the movie.  It is definitely worth the money though if you want to see it.

 

EDIT:  Just decided to add this because it seems no one really knows it.  The story of "The Hobbit" will end with the second movie "The Desolation of Smaug."  The third movie will fill in gaps in the story and comprise of excerpts from "A History of Middle-Earth" which was put together by Tolkien's son Chris in a twelve book appendix for Middle-Earth.  Last I read though, Peter Jackson did not have rights to use The Silmarillion material which is basically a summary of The History of Middle-Earth.  



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