I honestly can't understand why the "wagon wheel" effect is such a bad thing, I honestly don't care about such things.
I am an early adopter at heart so I am all about using new technology whenever possible and if its not working 100% yet then we make it work, we don't go back. Which is why I support 3D, etc.
The problem here is the type of movie this is being used with. If you told me this was being used in Avatar (a film with a lot of great cgi in it and live action at the same time) I would be happier but LOTR is basicaly a costume drama, you see a lot of people with ridiculous costumes and make up walking around and I don't like to be reminded of that when I watch a movie.
When you see a movie like the dark knight, you see batman and go "OMG, SWEET" but then you see the "making of" featurete and you see christian bale just standing there talking to the director and he looks ridiculous with the bat suit on, looks like somebody missed halloween.
I am a bit afraid of this happening in the hobbit but to be honest, a big part of the reason LOTR looked so good was because of the post production effects, specialy the color of the whole movie, so if they handle the post, as good as they did in the first 3 movies, then I am sure Peter Jackson will surprise us all.
But I have to be honest, I am a bit worried, not sure this was the movie to start experimenting with