I actually haven't fully decided whether I like it or not. Perhaps the doubt speaks for itself: It isn't perfect. However I think I will reach the conclusion that I liked it. I mean, for a film it is *really* good!, but as LOTR...well...
The negative things first.
My main problem with it is that it doesn't communicate the feeling of them being on a journey. It is simply rushed. We knew this of course, I mean it couldn't be any other way. I guess I had to experience it to fully believe it though.
Concrete things...well...Galadriel looks completely foolish when Frodo offers her the ring. The film is simply over-effectized on a lot of areas. They could really have spared themselves the massive blast when Sauron was defeated in the second age, it was unnecesarry and little tasteful. The computer-animated Legolas is horrible jumping down from the trolls back...
Personally I would have preferred more weight on the journey...the hiking if you will, and make Aragorn site some poems as in the books...and less weight on the forces of the ring, which is when it comes down to it less central in the book.
The action is of course over-focused as well. The action scenes is incredible, but there are something like six battles in the film, and it does become repetetive (first fight the Nazguls, then a troll, then a balrog, then a uruk-hai...they all get a game-boss feel really, reading the books I at least never dreamed of comparing an uruk-hai and an balrog)
On the other hand, if you ignore the ending (Titanic soundtrack? In LOTR? Aaargh...) then they avoided the Hollywood traps. My worst fear was that it turned out into something like Gladiator. In that respect I guess it kind of overachieved, it's (thankfully) nothing like Gladiator, I mean it's closer to art-films than Hollywood.
This is also a reason that I cannot see the mainstream Britney-digging, American Pie-loving crowd fall in love with this movie. From what I can judge, this film won't bring Tolkien any more mainstream than it was.
Many many people are going to come out disappointed over this movie, simply because it's different from all expectations (the ones I have come across at least). But, all in all, I enjoyed it ("many many people" also loved Gladiator). If I hadn't read the books I'd probably say it was the best movie I'd ever seen. I mean, this feeling was predicable right?
This might not have come all that clear through, after all I'm still making up my opinions here.
To get on topic to *this* board, let me conclude with saying that as they walked into Moria and Gandalf stops to ponder what way to choose, I got a real Final Fantasy dungeon-walking feel. A good thing.
