The Hobbit is much newer but doesn't look so great in comparison. Sure it has some amazing special effects but the cinematic footage doesn't compare as well next to the older films
But Hobbit trilogy - all the time I had feeling I'm watching it from behind some plastic screen, or perhaps an action game. It's not bad (tho the book was "spread" into 3 movies) but excessive use of CGI and post-processing is clearly visible. Hell, the An Unexpected Journey has moments where Gandalf's face is unnaturally lighten up with dodge tool - and that does give me the unpleasant feelings.
I still believe that computers in movie industry should be tools to enhance camera work, not fully replacing it. You can deliver an exciting story portrayed without overfilling it with CGI or... lens flares, bokeh effects in every scene.