I, too, was disappointed not to see PJ's interpretation of Tom Bombadil (or Old Man Willow, for that matter), but overall I loved the films and thought that he captured the essence of the books extremely well. I was quite prepared to walk out of the cinema if what I was seeing on screen didn't match up to the pictures in my head (gained after reading and re-reading the books many times over the years) but the three films, particularly the extended versions, exceeded my expectations in many ways.
Yes, it's a shame that the story had to be changed and that the love story was brought more to the fore, but overall I don't think any other director could have done half as well.