Variety has the exclusive on this news:
According to source familiar with Warner's release plans for Peter Jackson's first "Hobbit," the HFR version will go out to only select locations, perhaps not even into all major cities.
People who have seen much of the film in 48 frames-per-second 3D tell Variety the picture now looks vastly better than the test footage shown this April at CinemaCon, which had not yet undergone post-production polishing and got a mixed reception from exhibitors.
I don't think this choice is unwise in the least. It definitely looks quite different from what literally everyone is used to. I'm still very hopeful and optimistic. There are those who said that talkies, color, and 70mm weren't cinematic.
Maybe I'll love it, maybe I'll hate it. Can't wait to see.