Here's a few thoughts from someone who hasn't read the book.

Rating: 7/10 (25 December 2001)

Despite its drawbacks, the Fellowship of the Ring is a very good movie, because it excels in almost all areas. The cinematography, costume design, acting and direction are all well executed, especially the sometimes dizzying camera runs and Jackson's perfect bits of horror, which he knows so well from his earlier days (Bad Taste, 1987and Brain Dead, 1992). It will come as no surprise to see the costume designer(s) grab an Oscar for their work. Peter Jackson has remained extremely loyal to the book and in doing so has received praise from Tolkien fans, but I dare say that he may have remained too loyal, and in doing so sacrificed some of the effectiveness of the movie.
If you're a fan of Lord of the Rings or sword and sorcery, you must have seen this movie and if you haven't, do so immediately. However, for those not so inclined to fantasy and bloodshed, save your money and rent it later.