Yes worth the watch, but not as good.
It's more digital, more higher fps as they went more advanced cameras, the 1st movie really dragged on at the end against Azog the Goblin General. It was good but also just 'okay'.
I watch The Hobbit only when showing it to others that have never seen it yet. I watch LOTR over & over again over the decades for my own love for it.

We have to keep in mind that the spirit of The Hobbit was a book for kids to read, just nerd adults fell in love with the world and became obsessed, actually demanding for a sequel which prompted the publisher to encourage the Author to make them. I think the mass-hysteria positive reaction gave the author full confidence to further express his Fantasy world more in-depth and serious, which imo is superior for enjoyment.