The Effect of 48 FPS

The biggest technological innovation at work in The Hobbit is the decision to shoot the film at 48 frames per second. Since the film industry began, films have been shot and projected at 24 frames for a variety of reasons which all come down to two basics – firstly, it is the lowest speed that allows for a reasonably smooth illusion of movement and, secondly, it doesn't waste too much expensive celluloid.
Peter Jackson argues his point of doubling this fps rate, saying that it equates a smoother, more naturalistic motion, and when combined with the use of 3D cameras, a 'window to another reality' is opened to the audience.