LEGO The Hobbit is, first and foremost, a LEGO game. There isn't a great deal different from other LEGO titles, in both bad and good ways. If you've tried LEGO games before and found them dull, I don't think this one will change your mind, but if you have an obsession for collection, this game will probably serve you well.
First of all, some gripes. I really don't like how the game forces
you to come back later and re-do things when you already have the means to complete them at your disposal, simply locked away. It takes advantage of a child's endless appetite for repetition (Pokemon, anyone?), but as an adult it gets frustrating at times. And speaking of frustrating, the game has some bugs too. I've had characters get stuck, once even in a game-breaking way in the middle of a story mission that locked out all buttons but Start and forced me to quit. The physics on hills and edges get weird sometimes and prevent you from jumping, which can sometimes lead to the stuck thing or lead to death in the middle of a jumping puzzle. I would also get random crashes for a while, which was fixed by turning off Raptr's integration completely, even the Track Gameplay part (the only part I actually use). And the end of the game cuts off at a really bad time, though that's not entirely their fault, since from what I understand the movie does too. Perhaps they should have waited for the third movie to come out to release this. Hopefully they put out some DLC to add in the final climax. It's literally only missing the last chapter or two from the book.
Now that I've gotten that out of the way, the game is still fun. It's still cathartic to beat up LEGO objects and watch them explode into fountains of loot and studs. The gradual ramp of power and wealth starts to get quite high near the end, and I feel a bit Smaug looking over my vast collection of items and riches. Okay, I admit that pun was terrible. Moving on. None of the missions, quests, or puzzles are particularly difficult or complex, but are still fun nonetheless. Suitably accessible for a child but still enjoyable for an adult, a good balance. I'm about 28 hours in and I still haven't gotten tired of it. The bits of humor injected into the game here and there are a nice touch as well. My favorite gag is Azog's missing hand actually following him around and constantly taunting him. Great way to add flavor to the original movie script. And the voice acting clips taken from the movie are a nice touch to telling the story as well, as opposed to the silent approach of early LEGO games.
By no means is LEGO The Hobbit without flaws, but if you're a fan of Traveller's Tales style of collect-a-thon games, this will be a shining Arkenstone in your collection. I picked it up for $5 on sale and more than got my money's worth out of it. Again, if you're tired of the LEGO formula or just really hate Tolkien it's probably a safe pass, but for everyone else, I'd definitely recommend giving it a try.