Watched Battle of the Five Armies on the home screen last night, because son is home and hadn't seen it. I found it was much better the second time. My brain was no longer going "WHATTTTT??!?!" and I could enjoy many things. I did not enjoy the protracted mano-a-mano climax to the Battle the second time any more than the first however. And lots of small and tiny things remain stupid (Dune sand worms anyone? And how light is that chest Bilbo is carrying at the end? Might hold some quills and ink at best, or a pair of whitey-tighties).
BUT, this is not a full on disaster and there are actually many things to like. It did feel sad to think it's all over.
But not sad like when I was thirteen and read the entire Trilogy in one weekend, barely sleeping, reading at the table and ignoring everyone. I came down from my room with tears rolling down my cheeks, and my dad said, "Was it sad?", and I said, "No, it was wonderful!"
Though re: the worms, apparently:
"Tell me what you want done, and I will try it, if I have to walk from here to the East of East and fight the wild Were-worms in the Last Desert."
Bilbo Baggins,
in The Hobbit 1: An Unexpected Party