48fps, when done natively, looks AMAZING. What those HDTVs are purporting to do are pretty much a snake oil sale, and they do the "averaging more frames between the real frames" business that look just absolutely shitty. That's what people mean when they harp about 48fps not looking right--you're basing it on something that's being played at a frame rate it's not meant to be. The Hobbit, shot and projected at 48fps, won't give any real noticeable difference in movement, other than the 3D is going to look much smoother and brighter.
Sadly no, they're not talking about all the motion smoothing bullshit that TV's do. I hate that too. They are actually talking about higher framerate video. About how it feels less "cinematic."