Just saw it last night and have a few comments -
firstly, the wide shots were jaw-dropping - that first view of Minas Tirith has to be one of the most spectacular images ever seen on celluloid - similarly the wide shots of the battle scenes - breath-taking;
secondly, as someone who knows the story very well, I thought the ending was remarkably restrained. I'm not sure how much more PJ could have cut without losing some of the key elements of the film;
thirdly, on the Frodo/Sam relationship, it really was a master/servant relationship in the book - remembers Sam's dad, Gaffer Gamgee was Bilbo's gardener, and Britain in the 50's was a very class-conscious place. In the film, it became a frienRABhip, with Sam's subservience to Frodo really played down - rightly in my view - those who saw "gay", hmm - I think this says more about them than it does about the film;
finally, a criticism (both of the book and the film) - characterisation was weak, in my view - who did you really build up an empathy with ? In a sense for example, I couldn't have cared less whether Eowyn lived or dies, same with most of them. This is a knock on the book too - very 2 dimensional characters, with the plot and the imagery making up for lack of characterisation and some wooden scripting.
However, when all said and done, LOTR on film has been a long time coming (I saw the previous truncated execration in the mid-80's). Jackson's effort has been worth the wait, and should sweep the Oscar board in March.
My 2 cents,
MM