I thought it was too long, and though I wasn't bored, I was fucking frustrated. "Bilbo, stop fucking around and let the story start!"
I think there are parts that are easy to cut without destroying the important mood, or story points, or vital character rapport. For instance, did we really need to see a ten minute scene involving the old Bilbo and Frodo? All that needed to be established was that this was Bilbo's story, and it starts at Bag End, long before the Lord of the Rings. That only needs to take a minute at the most.
Though the Bag End scene needed to be long enough to contain all that characterisation and place a sense of value on the Shire, I think we got the point that Bilbo wanted to stay at home far quicker than the movie assumes. You see, most movies have reluctant heroes: Indiana Jones and Blade Runner, for instance, make it clear that Dr Jones isn't all that interested in getting bogged down in chasing the Holy Grail or shooting robots. It makes that clear within just a few lines of dialogue and a minute of screen time. Bilbo takes forever, and time is devoted to restating his reluctance over and over. First you have him reading of some contract, and then he has to listen to some dwarves, and then he has to listen to two lectures from Gandalf, and then finally having a change of heart after everyone left.
Then there is all that business beefing up the knife the Nazgul will eventually use to stab Frodo in that one scene. It was quite the anti-climax when it was revealed, because whilst it is important to have some potent of Sauron's return, we already got that long ago with Radaghast's recount of the creepy crypt.