the last line of An Unexpected Journey:
"I think the worst of it is behind us now."
Then, of course, we are reminded of that 900 ton, fire breathing dragon under Erebor.
So perhaps Bilbo wasn't exactly accurate in that statement, not counting the berserker skin-changer, Azog, son, and co., a dismal forest full of gargantuan spiders, armed and dangerous elves, and a sudden attraction to...you know, 'what's in his pocket'.
Or Gandalf's 'mini quest' to Dol Goldur.

But perhaps we should also throw in the fact that important scenes are just zipped right through, while lesser scenes get at least 2-3 minutes of screen time. And that there is very little time for character development. And that book-lovers may form an angry mob and head post-haste to New Zealand.

But hey, it could be worse!
The film still offers a lot of laughs, and a few lessons of life.
For instance, was I the only person who during the scene of Thorin gives his 'help us and you'll get rich' speech to the Lake-town-ers was comparing that to our current politicians' campaign 'promises'? or Jeremiah and the false prophets?

But that doesn't mean there aren't a few rough spots.
#1. Kili makes a comment to a she-elf about searching his brother, asking if she was going to search him too. "I could have anything down my trousers." to which she coolly replies: "or nothing."
#2. There is a bit more dark magic.
#3. a scene in which a chamber pot is emptied and the servant suddenly has a brown stain on his lapel.
#4. The dwarves method of getting into a house includes entering through the toilet.
#5. small children may be disturbed by the darker personalities in the heroes.
#6. plus they may not like the images of a dwarf nearly being eaten by a spider, an elf slicing off an orc's head, then crushing it's shin under neath his foot, half an elf's face seeming to melt off, and not to mention Smaug. The tremors of his voice...

But many of these scenes are short, and not dwelled upon.
So, if you have the slightest urge to see this movie:

"Come now, don't be shy. Step into the light."