Adobe's Karl Soulé articulates why he thinks parts of The Hobbit work so beautifully at 48 fps, and parts don't. He writes, "Camera motion. I felt most immersed in the 3D and the movie when the camera was static. Simple cuts between shots allowed my brain to process what was going on, and made me feel like I was standing, watching the action unfold. And it looked beautiful. But, as soon as a jib arm or dolly began making my point-of-view float away, something deep in my brain called BS on everything. Suddenly, the magnificent Shire looked like nothing more than a well-crafted set. I suddenly knew I was looking through a camera lens on a jib arm at a set in a sound stage."
Read his full post here.