Sorry if this has been discussed, but I went back a few pages and didn't see anything.
Overall a B- or the mean for ND classes. Not terrible, a few memorable moments, nothing "I hate sand" bad. Several liberties were taken, some was verbatim.
1) Azog as a motivation for Thorin. WTF. Yes he killed his grandfather and its important to understand that when it comes to the map and key, but the need for Thorin to rush through the fire for vengeance was too much and uneccesary. I haven't checked IMDB yet but I suspect Azog will be around for the five armies battle. I just don't see why they couldn't play up the dwarves and orcs history as a reason for the huge battle.
2) the Goblin King. WTF. That whole scene could have been awesome and turned into crappy Indy and Short Round in Temple of Doom escape sequence. But the Goblin King was the most forced and unnatural looking thing to show up in any of the movies. Either go with the comical nature and don't tie it to LOTR, or is its really a prequel, play down some of the children's story aspects.
3) the White Council. Why Is Saruman still such a bitch. I get that they made him a puppet for the LOTR, but he's by far the most powerful person at that table. Making him into the doubting Thomas was weak sauce. Its the Witch King of Angmar's sword for crying out loud. Moreover, why are either of the folks who dwelt in Valinor and served the Gods/Valar taking a back seat to someone from the House of Finwe? I don't like where this is going.
4) Rock Giants. What the hell? Why are they motivation for hiding in the cave. The original story was just fine. Now we have these bad ass rock giants who will disappear for the battle of the five armies and all of LOTR. Jackson just showing off but they just didn't fit.
5) The finding of the Ring. Well done and the riddle duel was great. While not canon, still very well done.