Overgeneralizing. I think it's a mixed bag. I'm a huge fan of the original trilogy, but what stands out in my mind is Martin Freeman's performance. Elija Wood did a great job of portraying the burden of carrying the one ring, but I think Freeman's performance is really what being a Hobbit is all about. Also I think in the LOTR, Gimli was less a dwarf and more of comic relief. We now see the Dwarves for the warriors that they are.
LOTR is a more grand and brooding tale, where the Hobbit is an Adventure story that was originally written for Tolkien's boys. As someone mentioned there's no real strong female characters, and it's a simpler story.
Jackson certainly changed some things from the book, but I think the heart of the story is there. Obviously things get a lot worse and darker, and I'll be very curious by the time we get to the battle of the five armies.
The next chapter will test how well this film sits with audiences, as Gandalf will likely barely be in the next chapter (he'll show up at the end).