Ok, but *not* great

Rating: Null/10 (22 December 2001)

6.5 out of 10
Another reviewer posted that they stunned this film ranked in the top 250. I would have to disagree with that point, my wife loved it (she gives it a 9 out of 10), and most people I've spoken to thought it was amazing as well..
However, to the Tolkien purist (read  biased opinion! hehe) or someone who wanted a very faithful adaptation, you'll have to look elsewhere.
Yes I expected, and am glad that Bombadil to be cut. And over all, most of the so called `changes' did not bother me too much (some how he even managed to fit in Arwen well!). I expected cuts, and compressions of other parts of the story. However, directorial choices in many instances detracted from the original spirit of the story, if not the original plot.
For instance, for some reason Peter Jackson decided to make all the elves emotionless, cold beings, who all have a constant white glow of light around them. I have rarely seen such `dead' characters outside of an Ang Lee film.
Additionally, the extra parts with Saruman were, I felt, totally unnecessary, as was the `wizard battle' (maybe Jackson was trying to re-do the battle from the classic film `The Raven'?).
There are many other departures from the book, including the Council of Elrond scene, a complete farce that degrades both the characters, and the spirit of the `9 Walkers'.
However, complaints aside, the film is visually stunning, sticks to about 70% of the book, and is not horrible. On the other hand, as said before, Tolkien purists, or people expecting a faithful adaptation will be very, very disappointed.
And unfortunately, it apparently is going to keep going downhill from here. Jackson has already mentioned that he will have many other departures from the original story in the next two films, as well as that he created a new, major character, called `Lutz' who will figure prominently in the next two films.
My advice is, rent the Ralph Bakshi version. While it may not be the greatest piece of animation ever, it is far more faithful to the original story.