I saw it in a theater full of uber-fans (including one sitting in my seat), and as soon as the credits rolled, a huge groan went up. No sp-sp-sp-spoilers or nothing, but they kinda neuter the story by ending the movie well before the conclusion of the book. I'm a pretty great fan of altering texts to make them play better onscreen, but ending early does nothing to (a) speed up the first part of the movie, which drags just as much as the first part of the book (SORRY PHIL) or (b) further illuminate the moral/personal axis on which the story turns.
The daemons look pretty great, as does Mr. Byrnison. I thought the cast was thoroughly great. Ultimately though I don't know if I'll be as excited if they attempt to adapt The Subtle Knife. I will, however, be first in line for a spin-off called Lee Scoresby & Hester.