So I finally saw it in HFR. My friend said it best. It's like you are watching a play. Or you are on the set. Not in Middle Earth, but in New Zealand. The first hour was horrendous to me, in particular the prologue. But that could have been because I wasn't used to it. It was much better as the movie went on, but it wasn't ever better than 24 fps.
Since it felt like a play, nothing felt as dramatic, or as life threatening. Further, as people have mentioned, it often looked like the camera was under cranked. In particular when people were fighting. Further, during the scenes where the camera was panning, there is no question that it looked really smooth. But as a result, it felt like the pan was moving too fast, and almost as if Jackson was in a rush to finish the panning shot.
Yes everything was clearer, but how much clearer do we want things to be? With 1080p, things are plenty clear.
I really appreciate that Jackson took a risk, and that he is on the forefront of technology. But for me, while I am glad I saw it this way, I am happier that I saw it in 24 fps first. I would have really had major issues with the film if I saw it in 48 fps first.