Peter Jackson’s move to film The Hobbit at 48 frames per second instead of the normal 24 (see "Here's What 'The Hobbit' Will Look Like") may not give the results intended, according to a report at The Wrap.  Jackson screened about ten minutes of incomplete footage for theater owners at CinemaCon, and the results were "disappointing," according to the report. 

The higher frame rate, which will require a software upgrade for digital projectors by theater owners, gave the film the look of a "filmed stage play," which one attendee likened to watching the ancient PBS series I, Claudius.

The writer granted that the film might look different when it's completed.  It's also worth noting that not all theaters use digital projection, and of those that do, not all may upgrade to the faster frame rate.  So it's likely that a significant percentage of Hobbit moviegoers will see the film at the slower rate.