Peter Jackson creates the same world that he already shown us in the LOTR, but that's not the only thing he repeats.
He also repeats ripping Tolkiens book into a sucession of endless races and actions scenes with orcs falling everywhere and several "inventions" that mess the beautiful story created by the English author.
He also repeats those several minutes of platform game inside caves that we saw in Moria and in his version of King Kong.
If you loved the previous movies from Jackson, you will love this too.
If you are looking for some quality, you will only finding in the re-creation of the Middle Earth and the peformances of Ian McKellen, Martin Freeman and Cate Blanchett.