Sounds like we disagree completely. I will say that most if not all the characters LOOKED the part (not the orcs); that was phenomenal. But many personalities were seriously misshapen, Aragorn of course, and Faramir, and Elrond, and Merry and Pippin to some extent, and the mockery of Saruman.
Ian Holm was so good in his limited role that he showed how pedestrian an actor Elijah Wood and the other hobbits were. He and Gollum/Serkis showed the power of the Ring, which was not communicated effectively elsewhere in the movies, despite attempts like the third rate Galadriel scene.
As for the soundtrack, I was disappointed, although really there are few original soundtracks worth listening to; the Basil Poledouris score for Conan the Barbarian is an exception.
It will be interesting to hear 13 dwarves all speaking with Welsh? accents.
But I would love to see Sam Raimi do The Hobbit, and I seriously would love to see Bruce Campbell as a supporting actor, either Beorn or Bard. That would be classic!