I loved the movie, but the only thing that I didn't like as a dad was the gratuitous violence. There was a lot of fighting in all 3 of the LOTRs, but nothing seemed out of the norm, i.e. something you wouldn't expect with swords and bows, but they didn't glorify it. In this one, the decapitations were done to make sure we knew exactly what happened, like when Legolas was in the fishing town with the two swords. Contrast that to Aragorn in his fight scene with the Uruk-hai leader in LOTR Fellowship where he decapitates him. One seemed in the flow of battle and one seemed like they were trying to make it look funny like hey look no body.
The Hobbit is a movie I let my boys watch whenever the want, this one seemed to bother them a bit. It reminded me of Transformers (1 and especially 2) where Michael Bay went out of his way with swearing and drug use to make the point that it wasn't a "toy" movie, but let's be honest, kids will watch it.
Anyway, good flick, loved the actions, but I think it would have been even better, especially for kids, without trying to make sure we saw all the cool kill shots.