It was too long--no, it just *FELT* too long. It came across as ponderous, and repetitious with nary a hint as to where it would end in a "cliff-hanger". There was even no drama that Gandolf was going to be snared by the demon's whip. It had high points and lows yet seemed to have a frustrating lack of character development (likely due to cut scenes I've seen mentioned). It was hurt by obviously repeated shots and some dodgy effects now and again but saved by the strength of the acting. At a noon showing, I squirmed to stay alert. Others around me dosed off and when it was finally ended the audience gave tepid applause. There were too many instances of motion blur, the physical film print maybe wasn't the best. The score added nothing.
This was obviously a film *for* the book series' fans and won't find much of an audience beyond that I fear. The acting was OUTSTANDING, the story solid. I know Darth claims it's far above "Titanic" but not for one second in "Titanic" did I wonder what time it was, did I dwell on CGI issues--it captured and held my attention. Director Jackson wishes he had Cameron's pacing skills.
This film was greatly hurt by never conveying to the film-only audience where the film was meant to go, where this act or chapter would conclude. It came rather suddenly and once I got there it made sense. So, really, it would almost seem better on a second viewing if only because you have a rough idea of the scope of the story (never an issue with "Star Wars" or "Titanic" or other films).
I was curious but not overly impressed. I am curious where the next film goes and will likely see it. I do want to see this one again but I won't break my neck trying to get back to the theatre. I might just wait for video or DVD.