This is an extraordinary film by any standards. But one thing I disliked was whenever the director decided to change the story the Movie was not so good. Like the love scenes between Aragon and his Elf lover. It was just not appealing enough. Likewise when Frodo and Sam and are captured and taken as prisoners. Also Frodos charcter should not have been altered. He should have been shown as he was depicted in the book - strong, noble and having control over the ring. Also the Ents were much more wiser and also Theodon would never disregard the advice of Gandalf.
But other than these minor faults the film was fantastic. I would have liked to see the developement of characters done more slowly and with more depth. The greater human qualities of nobility, honour, sacrifice etc. could have developed more conspicuously, but I dont think we can expect the director to do that in just three hours.
Gambol was my favourite character. The way the good part and the bad part inside him fight each other was wonderfully done by the director. The special effects were simply mind blowing. The battle scenes were engrossing. the scenery was beautiful. All in all - a mind blowing experience.