I watched Hugo a few nights ago. I found it enjoyable yet easily forgettable. The Acting by the lead wasn't great which is to be expected at that young age. Ben Kingsley and Chloe Moretz made up for that. I found the film to be just too cheesy for my tastes. The way that early film was portrayed was great, though.
The movie looks nice, but the audio disappointed me. I felt the entire soundtrack really lacked impact (not necessarily talking about LFE here), and that the sound editing and sound design weren't good enough to even be nominated for an Academy Award (let alone win). I also felt that the CGI really stood out, which distracted me at times.
Overall, I'd recommend renting this first before buying unless you have kids. Definitely wasn't Scorsese's best work.
PSN ID/XBOX Live! Gamertag: BiffCo