Warning: Contain spoilers.
Bad movie.
This is better than the first but not by much. The special effects are some of the worst I have ever seen in my life and the sets are often laughable, both of these things looked to have been made by either incompetents or children. I think I was able to spot Stephen Colbert but I am not too sure it was him because it lasted about one second (it was when the group is faced with the king in the lake village near the mountain and all the people are there too - he had a black beard and black hair - it certainly looked like him as far as facial expression goes - if it was him he was not talking). When the spiders were there I was glad that the special effects sucked so much because I would of totally freaked out then. I still cannot believe that the man responsible for the three Lord Of The Rings movies is also the one responsible for The Hobbit movies.
The music is good. The acting and story are average. The script, costumes, cinematography and editing are bad. The directing, makeup and sets are very bad. The special effects are horrible.