I enjoyed the film and am looking forward to more.
Since I used "enjoy", I'll mention that "entertainment" (the action of providing or being provided with amusement or enjoyment) and "enjoyment" (the state or process of taking pleasure in something) are different things, though they're often used indiscriminately here and elsewhere.
The Matrix trilogy was generally a lot of entertainment for me with the bombastic razzle-dazzle of its visual and auditory delights. Unfortunately, its enjoyment quotient fell to nearly zero for me in the second and third installments as the narrative lost focus, the plot lost purpose, and the characters devolved into caricatures.
OTOH The Lord of the Rings has clear narrative, clear purpose, and protean characters. It provides a lot of enjoyment because of that, and it has lots of entertainment value, too. The LOTR trilogy could have been even longer if more of the narrative elements of the original story were included, but it gets the job done as it is, though I would have been fine with even more attention to narrative and character development.
The Hobbit seems to be taking a much longer look at narrative and character development. While the obvious action of the plot (to get rid of the dragon) is important, the story's real center is to take Bilbo on a journey of the soul so that his character can set the stage for Frodo's journey in LOTR. I find this brings a lot of enjoyment to the film.
Sure, there could be more entertainment value, but I don't need to be entertained all the time as long as I'm gathering enjoyment from my willing suspension of disbelief. Tolkein was a good storyteller who could knit some moralistic and proselytizing material together into a simple plot with effect, but his greatest strengths were narrative and character development. I believe that Jackson is deepening the commitment to narrative and character in the Hobbit, and IMO it's okay to play with the storyline a bit to do that. That he does so in a great looking and fine sounding movie is a bonus.