The last film in the Hobit trilogy has just been made available online, and you can watch it at UK Netflix if you want to. If you live in another country or live in another country in which Netflix is unavailable, then all you need is a UK IP address for this to work, and then you will be able to use either your existing Netflix subscription or you can sign up for the first time for a Netflix subscription, and then you will gain access to the UK Netflix and then you can watch The Hobbit: The Battle of the Five Armies online in a few minutes from now.
This is by the way interesting that yet again the UK Netflix get access to the Hobbit films before the other Netflix nations get it. That is why a VPN is very needed and useful for any Netflix subscribers, because then you will have the chance to watch all the different Netflix nations online with one single subscription, and enjoy the newest and latest films added to Netflix all across the world.
There are lots of other films added all the time to Netflix and you can read more about Netflix news and more at the following site.
But, is it worth spending time online to watch The Hobbit: The Battle of the Five Armies? It depends, but if you have seen the first two films then you will of course want to finish the trilogy as you watch the last film.. If you have not seen the first two films, then start with the first and see if you want to continue. As a standalone film this is probably not worth watching. Another way of approaching the question is whether you liked Lord of the Rings or not. If you liked those films and you like Tolkien, then you will probably like this as well (even if The Hobbit trilogy is not as good, nor as sensational as the Lord of the Rings was back in time when it was published).
Have fun anyway!