Vincent Laforet is a videographer. His blog. He's seen all the versions of 'The Hobbit: An Unexpected Journey' including the HFR, 48 fps. He gives a rather technical rundown of his impression but it may be worth a read if the subject interests you.
Here's a bit:
- In the opening hour of The Hobbit shown in 3D HFR – I don’t recall hearing a single sigh, or laugh. Not one. When I went to see the exact same seen with an audience of the same size on a 2D projection – I heard regular chuckles and laughter… why?
- For those of you who don’t know, Peter Jackson shot the Hobbit with dual RED Epic cameras on a 3D rig – and he chose to shoot it at 48 frames per second (twice the normal rate) in an effort to render a sharper, more "realistic" image if you will, notably when motion is involved. With 48fps comes a new shutter of 1/96th of second if shot at the traditional 180 degree shutter – or an image with an image that has half the amount of motion blur relative to shooting at 1/48th at 24 fps and of course twice as many frames projected every second. You can read more about this process here and another great article on FXGuide here. With the Hobbit Jackson shot at 1/64th of a second on a 270 degree shutter to split the difference if you will and get a bit more motion blur (and light.)
Believe me, he goes into far more detail than that.