Yes, I've seen it twice, but I've not seen the extended, which may be worthwhile, I guess. The second time I saw it on TV on pay-per-view. For some reason on the big screen in the theatre the movie appeared a little grayed-over, you could hardly tell when the sun was out! (The commercials on TV showed me that SOMETHING was wrong with the big screen look I'd seen). I enjoyed it, surprisingly, from a visual point of view much more on the small screen. Therefore, I enjoyed it generally more the second time around, although the same basic complaint remained. I didn't think it was awful, I appreciated the effort, but I personally found it tedious. Now don't take it personally, but the Elrond's Council scene was much more annoying the second time, a particular place where I thought some of Tolkien's dialogue would have been better than the dull stuff they used. I found I hadn't missed any nuance the first time around, which surprised me a little. But I also pitied people who didn't know the books. They must have wondered at a number details as well as elements of the main thrust of the story, as Iggy mentioned earlier.
That Galadriel transformation was really hamfisted, wasn't it?
Well, Perhaps I am easy to please. I can't count the times I have seen it now, and I still really enjoy the whole thing. And it still tears me up. Lucky me!