FotR>Hobbit 1>RotK>TT (haven't seen Hobbit 2 yet.
Fellowship was the most well-paced of the LotR trilogy, with TT and RotK dragging at too many points. Hobbit 1 had some good pacing that mirrored Fellowship, and I didn't feel its length so that's probably why I enjoyed it more than TT or RotK, neither of which I can sit through these days.
Edit: Actually, I'd like to take back my vote and put Hobbit 1 as my favorite Tolkien movie thus far for this reason... I recently rewatched Fellowship when it was on TV after not having seen it for quite a few years, and then I was reminded how much of a whiny pussy Frodo was, whereas young Bilbo's character was MUCH more interesting, funny and just plain overall likeable. And no annoying Sam either going "MR FRODO!!!" every 5 seconds.
On 2/24/13, MB1025 said:
You know I was always wondering why no one ever used the dollar sign for $ony, but then I realized they have no money so it would be pointless.
