Are you kidding? Didn't you see the extended version? The only things missing were Tom Bombadil, the barrow downs, Quickbeam, Ghan-Buri-Ghan.
To me, one of the most important parts of the LOTR was left out, "The Scouring of the Shire". That brings the war home to the Shire, and it's basically where the war ends as well.
Although I dearly would have loved to have seen Tom Bombadil and Goldberry.