Well TheouAegis pretty much summed up what I was going to say. Let me think here, about my own take.
The guy doing Bilbo is doing a fantastic job. From the completely pansy-ish way he swings the weapon (which I fully endorse because he ISN'T the fighting type), to the way he tried to shoo off Gandalf by re-reading his mail, to the way he demanded they all stop and go back for his handkerchief, to the way he's totally pulling a Kiff when they're raiding his pantry, to his interactions with Gollum and the way he is showing his true heroism., he's doing great.
Speaking of Gollum, I was really pissed at the direction Gollum was looking at when Bilbo was about to stab him. He can't see or smell Bilbo, yet by looking DIRECTLY AT THE FUCKING GUY WITH THE POISED SWORD it made it seem like he was silently pleading with Bilbo for mercy. All the over the damn theater I could hear people whispering, wondering how Gollum could see Bilo.
I really like the look of the Dwarves, except Fili and Kili. They barely even looked like a dwarf. But Dwalin, Balin, Gloin, Thror, and the B brothers looked amazing. Thorin looked a bit prim to be a dwarf but I could understand why. The guy is royalty and carries himself as such. He's going to look the most-groomed out of them all.