I went to see it this weekend with my wife. I did not read the book, but rather, I listened to the Audiobook. Same thing really. I loved the book as much as I enjoyed reading LoTR.
This movie was the most disappointed I have ever been at a movie. It reminds me of a game that was rushed out to meet the holiday deadline. The editing was horrible, the character development that was the highlight of the book is completely gone and it was dumbed down to boy finds dragon egg, boy flies on dragon, fights evil guy, the end.
I expected Lord of the Rings and I got worse than the SciFi made for TV Saturday Night feature.
If they continue the trilogy on the big screen, I won't even waste my Netflix choice on book 2, Eldest.