CinemaCon is apparently going on right now and Warner Bros. had a 10 minute presentation of The Hobbit, specifically showing off the 3D at 48fps. Traditionally all movies are shot at 24fps, giving it that cinematic look, but The Hobbit is trying to break new ground at shooting at twice the framerate. All the promotional stuff that Peter Jackson and company have said about his decision was that shooting at 48fps would make the 3D look better, be easier on the eyes and just give a sharper, crisper image quality. But apparently press members were left underwhelming, saying that the footage looked like "television" and "non-cinematic."
Some shots looked spectacular, such as some sweeping vista shots around mountains and others, mostly scenes shot on a set, look unconvincing and looks like a set on a sound stage, breaking the immersion. 10 minutes is not a proper length to present what this will look like considering the movie will certainly be two hours plus, but it does cause some concern. 3D is already facing such a backlash in North America and any possibility that this new format to shoot will mend all the scars that shoddy, dim, and headache inducing that 3D has caused over the past three years isn't looking good.
Here's the article that summarizes several press members' opinions on the presentation:
Also, I should mention this, apparently the movie is good, it just doesn't look pretty.