Beowulf has its detractors because it's not fooling anyone with its still imperfect CG actors and that hiring A-list actors only to mask them behind CG actors is ridiculous.
I think people need to put Beowulf in the proper context. What Zemeckis is doing is no different from what other film makers try and do and that's exploring, pushing the boundaries and experimenting with a relatively new medium. The people behind the film aren't as naïve as to believe that they can completely fool anyone with Beowulf.
From that perspective, Beowulf is actually quite successful. Although not perfect by any means, they have definitely made improvements when you compare Beowulf with other previous efforts of its kind like Square's Final Fantasy: Spirits Within and Zemeckis' own Polar Express. No creepy zombie children here. 
Actors Behind CG Puppets
Using recognizable A-list actors and creating CG counterparts could arguably be a marketing gimmick but it's also a more useful measure that allows the film makers to more closely gauge an audience's acceptance of a virtual actor. If the character was more "cartoony" and/or utilized a no-name actor, I don't think it would have been as useful a gauge in that particular respect.
As for the "futility" of using a CG version of a living flesh and blood actor, I don't think Beowulf is any different from taking a famous actor and applying special effects make-up for a role— except in this case, obviously the trappings are digital instead of latex rubber and such. A good actor's performance will still shine through all that.
That's the case with Anthony Hopkins' performance. I found that it didn't really matter all that much that I was looking at a CG version of Hopkins. I still found him and his performance engaging as King Hrothgar. BTW, the actor's eye movements and facial expressions were also captured so there was still more being transferred to the CG actor than just the physical resemblance.
Rough Edges
There were still some rough edges in Beowulf. The facial expressions on some characters seemed a little inconsistent. Robin Wright Penn's Queen Wealthow character's expressions at times seemed a little dead. I think they were striving for a more noble demeanor but it came off more 'doll-like' at times.
I think Brendan Gleeson's Wiglaf was probably the best animated in the few scenes he was in. There were some unfortunately very short and easily overlooked sequences where he had some very subtle expressions of emotion.
The horse riding animations really needed help and the less-than-stellar animation is most noticeable during Beowulf's and Wiglaf's chase scene. And there was just something odd and artificial about all the corpse animations, when they were being flung about or falling from great heights, that made Beowulf feel more "video game-ish" even though I'm sure they were most likely accurately animated using rag doll physics.
There were quite a few scenes spent on talking heads, close-ups and tight-in shots probably done so the audience could admire all the work gone into the CG actors which even sported vellus hair. They probably wouldn't have been as impressive to someone not into CG however.
I didn't notice the pacing drag as much as my friend did, but like I said, I was more distracted by the CG sets and the 3D format but there were times when it did slow down perhaps a little too much. I guess they wanted to give audiences seeing it in IMAX 3D some time to visually explore the scenes, but in regular format, they wouldn't have gotten any mileage on that.
Conclusion
The CG actors are convincing enough such that you won't stumble over them like the creepy kids of Polar Express although some audience members may still feel like they haven't escaped the Uncanny Valley.
While not a perfect movie in a number of ways, Beowulf still proved to be an entertaining ride with cutting edge CG and enough graphic action sequences to keep people entertained. Seeing it in IMAX 3D should help you get over some of the slower parts of the plot so I recommend seeing it an an IMAX 3D venue if at all possible.
Score: 7 out of 10. (8 or 8.5 if you're a CG nut)
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