The Hobbit has actually not been shown at 48fps except at Cinemacon in April. The trailer that has been shown is only 24fps so if you think you are experiencing a problem with 48fps, it may be because of the dropped frames but more than likely it's just because when you look for something wrong it is always there. Peter Jackson has said there are no plans to release a 48fps trailer because it is an effect intended for immersion and it is so new for most viewers the effect just confuses people. That being said many reports from cinemacon were a bit thrown off by 48fps and made claims about the soap look of it. Many of those comments seemed to be offshoots of a few publications that seem to have had a problem with the idea of 48 frames from the start. The more rational articles (in my mind) agreed that it looked unfinished; which according to PJ is true because the footage has not even been graded, and different but it is not necessarily a bad thing. Here is a good example from someone who has seen it.. I lean more towards the belief that the man and team that made Lord of the Rings know what they are doing but it is probably just best to wait and see how it turns out.