Now that the first of three movies based on the Hobbit is released, I was wondering what everyone thinks about the original story, written by Tolkien?

I've read it twice and am thinking of reading it again after the third movie is out. There're so many things I don't know anymore. I think the Hobbit is a great story, even though if it was written in the 21st century we would probably say it's unoriginal. Oh, and the best thing is of course to read the illustrated version (paintings by Alan Lee). 

I'd always recommend reading books in the original language, simply because the message comes across better. Better still, I don't think the language Tolkien uses in The Hobbit is very complex, so you probably won't have any problem understanding it.

I actually got the 25th anniversary edition myself (it has a very nice cover). Along with the story, there is a long introduction about Tolkien and how he came up with The Hobbit, and what I find very special about the book is that it really shows that origin. Compared to most other fantasy books, The Hobbit has a very light tone and quick pace (in 10 pages, almost anything can happen: meeting trolls, running from goblins, visiting elves...), which is (I believe) because it started out as a bedtime story for Tolkien's kids. And I believe that would make it original, even nowadays.
In fact, I really liked the fact that it jumped from topic to topic, with Bilbo falling from one adventure into another, because it made the story one for easy reading... But still, the hints of mystery between the lines (mentioning a sinister Necromancer once, dropping the name of a brown wizard now and then...) made me think and stop reading sometimes, just to wonder what more was going on in Middle Earth. I think it is this sense that there is more in the world, outside of the story that is told, that makes Tolkien's works outstanding.