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I love The Lord of The Rings (LOTR) trilogy. I would say that the first movie, The Fellowship of The Ring, is my favorite movie of all time. The first time I saw it I got lost in it like no movie before or since. I didn't want it to end. I was literally dreading the ending.
If you don't know, The Hobbit is a prequel to the earlier movies. It takes place 60 years before LOTR. The story is going to span three movies and cover almost every detail of the 288 page book. You don't need to know anything about The Lord of The Rings to enjoy The Hobbit.