Mike Ryan of the Huffington Post gives his take on seeing The Hobbit in 48 fps. He writes, "I'll admit, it was fascinating to watch a movie in 48 FPS because, honestly, I've never seen anything like it. Ever. So, from a technology standpoint, I enjoyed it quite a bit. But! To the extent that I simply wanted to watch a movie and be immersed in another world, it was distracting."
Read his full post here in which he answers a lot of questions about what to expect from the higher frame rate.