Since they're dumping the entire "Scouring of the Shire" sequence and likely most everything else between the wedding and the Havens, time probably won't be that big of an issue - if they have the usual 3 hours to work with.
Palantirs, the death of Saruman, and the ride to Gondor
Merry, Squire of Gondor, Dernhelm, and the Ride of the Rohirrim
Paths of the Dead and the Corsairs of Umbar
Introduction to Minas Tirith and Denethor, Pippin of the Guard
Wounding of Faramir, the siege, the breaking of the gates, Denethor's suicide
Death of the Witch King and the battle of the Pelennor
March on the black gates
Shelob and the escape from Cirith Ungol
Frodo and Sam disguised as orcs
The destruction of the Ring
The crowning and wedding of Aragorn
Wrap up and the Grey Havens
Wow. THAT'S a movie!