The Hobbit: The Desolation of Smaug is what you'd expect after seeing the first installment. Please read my review here to get to know what I think overall. However, now, we get to see Smaug, and he is extremely impressive, the best dragon ever presented on the big screen, by far. The lake town is also meticulously well done.
I'll get picky here and say that the final product is not as good as the first installment, since they created a lot more of material that wasn't in the book. That will offend die-hard Tolkien fans, but I liked what they did. It just didn't feel as wondrous as the rest, though. They deviated more and you can feel it.