Nice to finally see it come to fruition, but

Rating: 9/10 (19 December 2001)

I just got out of the midnight run, and I enjoyed the movie (warning: possible spoiler on image of Balrog to follow).
The best interpretation made by the creators is what Frodo actually experiences (and what we can see) when he wears the ring and turns "invisible."
The movie lacked in character development, short of Arwen & Aragorn together, and that of Boromir.
The creation of Saruman's army was sort of glossed over, but the goblins and orcs steal the show. The sets were fantastic as well.
I was sort of let down by Elijah Wood's performance (seemed a bit Stoic and forced) and by the rendition of the Balrog (reminded me of the bull in "The Last Unicorn").