They are pretty reviled now. I watched all three in a row a few days before the official Hobbit release, and they have great moments, and they just are long and boring, with way too much CGI and meaningless battles. As I have noted in the Tolkien thread, somewhere in the Hobbit movies is a good 3 hr film. A recut prequel trilogy also holds some interest for me (the Topher Grace cut is said to be very good).In a few years, the Hobbit films are going to be just as reviled as the prequels.
All that being said, I think Lucas was bold with his vision. I just don't think his vision was as good as Lucas thought it was.