Visually strong but otherwise a bit of an incoherent mess.
Highlight are the dwarves, who get the best nuggets in the story and provide the best performances (unsurprisingly when you see who's cast in the parts).
Stewart's performance pretty much consists of two expressions while she struggles with the English accent for most of the runtime. Hemsworth has similar trouble maintaining his huntsman Scottish instead of Australian.
Ultimately the screenplay fails because (once again, as it seems the latest Hollywood trend) its lack of focus, wanting to please too broad a demographic and ending up serving nobody. Is it Lotr? Del Toro style dark fantasy? Family fare? Twilight/Hunger games love triangle? All of the above and as such nothing at all.