I think in general, more realism is a challenge for the director. I've seen many HD movies and television shows where it feels like I'm really on the set, rather than really in the place the movie is set in.

Anyway, I haven't seen the Hobbit or any HFR movie. But I do think that while extra realism in the filming process will ultimately be a boon to the art form, currently there are a lot of challenges. The realism just makes me feel like I'm on a set with a bunch of costumed actors and props rather than in the film's universe with its characters.

Realism currently makes the suspension of disbelief harder rather than easier. But when they finally figure out how to overcome that, watch out, because it will be awesome.