It's a very good movie.
It's a major technological leap forward. The high frame rate is a huge boon for our enjoyment of fast moving action sequences, in particular.
Also, the majority of CGI in this film is indeed photo-realistic; not all of it, but the majority of it is. Those computer clock cycles and terabytes of information are not going to waste. Gollum's face is incredibly detailed, with the tiniest of crow's feet and eye and face wrinkles.
PJ is definitely paying attention to the details, here.
I expect the avatar sequels to be even better.
If anything, I wish films were filmed at 60 fps, not 48 fps.
I am very much looking forward to the blu ray release.