The Hobbit: The Desolation of Smaug in HFR 3D was the first presentation I've seen at 48fps on the big screen.
With a run-time of more than two and half hours I expected the high frame rate effect to become less noticeable as the story progressed, but it never did. The 48fps did not make the action feel more "real" to me. In fact I almost always felt like I was watching a 50i film on a really big TV, or a great looking video game. The HFR was particularly uncomfortable during some of the hand-held camera shots, making them feel almost like TV news.
Aside from the HFR, the coverage on this film seemed more conventional and included a lot more close-ups, ECU's and standard OTS conversations than I remembered from the LoTR trilogy. During some of the more populated scenes (i.e. Watertown) there were a number of cutaway CU reaction shots of background actors that felt out of place, as if they were inserted to cover rough dialogue edits.
Dragon CGI was amazing, as was some of the fight scene choreography. I never connected or sympathized with any of the characters.