I'll make this short. I don't have a lot to say about this book, and I am a little behind...both in posting reviews and reading books.
I really thought I would enjoy this book more. I didn't really dislike it, more that I was simply disappointed. Part of the problem was that it is truly children's literature. I was expecting something a little less juvenile. The book really dragged for the first 100 pages. I nearly stopped reading it, but I usually finish a book if I start it. It got much better. The issue was that I didn't find Tolkien's prose all that good, so the slower parts of The Hobbit were just boring.
I am hoping that the LOTR books are better. People have told me that The Hobbit is much more of a kid's book than the LOTR books. I still plan on reading them, but my expectations have been lowered.
Check out Christopher's review of The Hobbit.