Wow.
My initial response is, "duh," since this is exactly what I expected the end result to be at first reading Jackson's foolish techno-weenie goals for the picture. It's not like he's really breaking new ground here, just re-discovering, for a fortune more money spent, what other people have known for decades.
Shoot 35mm film at 48fps and you instantly make it look like a teleplay and not cinema. It looks like well shot TV, not like a movie. Now combine this effect with the often unforgiving, discrete and clinical look of digital and he figured out how to cheapen the work of every craftsman employed on the film.
News anchors, of all people, were able to recognize this and complained about this after seeing the first demonstrations of HD technology BACK IN THE 1980s! Just watch an episode of Face-Off on SciFi channel, Pete, prosthetic and set craft have not kept pace with directors that have more money than taste.
My only guess is these guys are just hoping one of these days people just won't be able to tell the difference between something that looks good and something that doesn't (or just not care). Just like them.
edit: it's worth noting, you can achieve similar "video-y" looking imagery by shooting 24fps film with a higher than normal shutter speed. Shoot 48+fps and then decimate (remove frames, no blending, not slo-mo) to play back at 24fps with consistent timing and the "video" look is retained, even at 24fps. This happens all the time in movies and TV series shot with otherwise cinematic looking 24fps digital cameras when they shutter for practicals.