It's good (possible spoilers)

Rating: 7/10 (9 April 2002)

SPOILER WARNING
This is a pretty solid film, but its not perfect.
The make-up, costumes, and props are wonderful; this film really succeeds in the close-up details. However, many of the large-scale special effects sequences don't hold up to scrutiny; Lothlorien & Moria look great, but Isengard & Barad-dûr suffer from that cgi/miniature 'look'; the automated tracking shots of these locations don't help either. The cinematography is mostly fine (some great lighting), but the pilots are flying much too fast during most of the scenery grabs.
I skim-read the book after seeing the film, and I can understand why fans were frustrated by some of the changes. Whilst I have no problem with removing whole episodes and upgrading Arwen's role; it's sad that some of the key exchanges in the books (the meeting of the Council, Galadriel's mirror) were shortened considerably. This was probably done to include more action sequences, but to be honest these are the not the things that I look forward to when I re-watch the film.
The confrontation between Gandalf & Saruman borders on the comical, and the Redhorn Pass, Watcher in the Water, and Cave Troll sequences are just action/monsters-by-numbers. The staircase in Moria is exciting enough, but its far too contrived. Funnily enough, the best action sequences are those which significantly advance the plot (Frodo's wounding, Frodo's rescue, Gandalf's fight with the Balrog, Boromir's death, and the capture of Pip & Merry). I would have quite happily jettisoned the rest in favour of more character development.
The acting is generally good (especially Gandalf, Boromir, & Aragorn), but Frodo, Elrond & Galadriel are let down by some seriously clunky lines. The worst thing about this film is probably the script; it's just inconsistent. The score is inconsistent too; it's fine overall, but has annoying lapses into "Titanic" style sentimentality.
However, it IS a good film - not worthy of all those 10s, but definitely an 8.