-= SPOILERS INSIDE =- Not perfect, but far and away the best attempt to date.

Rating: 9/10 (20 December 2001)

I would like to echo the sentiments of so many on this thread, and say WOW! I was charmed by the sheer scope and beauty of the movie, and well impressed with the characters and acting. Though flawed, this movie is the closest anyone has come to putting Tolkien's vision onto the screen successfully.
Parts of the movie seemed rushed, due to time constrictions, but then other parts seemed over-long, slowing down the story. Also, Elrond's obvious bitterness about the failure of the race of Men, while only hinted at in the novels, is blown far out of proportion in the film. Several points in his main dialogue with Gandalf he seems openly angry and deeply resentful. The use of Arwen as an active role was again a deviation from the core story, but not a serious one. Glorfindel was a minor part, and substituting Arwen allowed Peter Jackson to introduce a strong female character early on, instead of Arwen being merely Aragorn's eventual prize. I was very happy with the way the movie ended, at almost the exact timing of the book ending, with just the right amount of foreshadowing needed to pave the way for "The Two Towers" next year.
As I said, most of the deviations and flaws can be attributed to time restriction and a desire on the director's part to simplify some of the story elements. Hardcore fans of the novel will find them a little jarring, but they do not detract in any great way from an otherwise excellent film. Also, it bears noting that "The Fellowship of the Ring" is by far the more drawn-out book of the trilogy. There is a wealth of back-story and history and groundwork that Tolkien had to lay out to establish his world and his characters. The second and third books are more fast-paced, more dynamic, and, with the sundering of the Fellowship, we have several parallel storylines that can be explored as Aragorn, Gimli and Legolas "...hunt some orc.", while Frodo and Sam continue the quest.
As I left the theatre, I heard a group of teens debating on whether LotR would surpass Star Wars in popularity, and arguing the strengths and weaknesses of each series, a pointless discussion, in my opinion. Not only are they representative of two completely different genres, but the story arc is dissimilar. With the original Star Wars Trilogy, Lucas takes us through victorious ending in A New Hope, a bitter near-defeat/uncertain fate ending in Empire Strikes Back, and back to a victory in Return of the Jedi. The Episodes I-II-III trilogy look to be starting the same pattern. Lord of the Rings, however, shows us no victory at the end of "Fellowship". If Jackson follows the books, there is no victory at the end of "The Two Towers" either. There are minor triumphs throughout the books, but no definitive Defeat Of Evil! victory, until the final book.

I give the movie a solid 8/10, for technical brilliance, excellent casting, grand/epic scope and cinematography, but to someone who's read the novels probably 15 times in the last 15 years there were enough inconsistencies to spoil it for me just a bit.
Looking forward to Two Towers in 2K2.
Elphin