Not read the book (tried three times to get past chapter 1 and failed every time). Obviously the books have stuff going for them, too many intelligent people have told me to think otherwise. But on the evidence of the film and chapter 1... sheesh.
All the Harry Potter films have been artistic faliures to a greater or lesser degree (IV was the worst, V was the least bad). Adapting dense novels to the screen is very, very hard, and every time 90% of the problems with the final film are right there in the screenplay.
Narnia worked well mainly because it was a short story. LOTR was nothing short of a miricle. The Golden Compass... I can't believe the other parts will be anything other than more disjointed jumbled stories, albeit with fabulous production design (and here it really was excellent).
Like others here, I think it would have been quite something to have seen Tom Stoppard's version. It's hard not to come to the conclusion that Hollywood is ruled by eedjits when it rejects what he did in favour of what we had from Chris Weitz. Hell, even his American Pie was a better structured move than this.