One major difference between FOTR and The Hobbit is that in FOTR, it actually matters if the good guys get what they want. They're not just going out to try and get some gold, they're going out to try and destroy an evil being that threatens to destroy everything. And Frodo has a reason to go on this quest personally. And the bad guys are actually opposed to this goal.
Here, Bilbo joins their quest because why the hell not, and then does nothing for an extraordinary amount of time. All the bad guys don't care one way or another about the gold, they're here because they want to kill that one dwarf or because they're monsters and that's what they do. Because of this, all motives in the movie feel like excuses to have visuals and quote Tolkein, as opposed to actually existing to make us care about what happens.
And there are redundant scenes that do nothing but pad out the running time.
And then there's the fact that Gandalf can do whatever he wants because there aren't any rules set up in this movie (giant birds! flaming acorns! Why not.) and the fact that the entire Radagast/Necromancer/Rivendell scenes are entirely irrelevant... to this movie.
The fact that it's only part 1 is not an excuse. Jackson and co decided to make this part of the book into its own movie. Therefore, it was their duty to make it work as a movie and, on a story level, they failed. This isn't an adaptation, it's a translation, and it doesn't translate well as it is. Changes should have been made.
Because the story didn't work, I couldn't enjoy the amazing visual feast. I tried, believe me. But really, all the cool shots and effects did was make me not downright hate the movie. Instead, I simply don't like it. In every movie (or at least the narrative ones) the screenplay is the most important thing. Screenplay is king, and this one should have been whittled down and whipped into shape. Want to make 3 movies? Fine. But make 3 movies. Don't just ramble for two and a half hours and stop when the time is up.
BUT, again, the Gollum scene is the exception. Because it's exceptional. I bought the motives. There was an actual conflict, which lead to tension. And I really cared.