I saw it with several family members, including an 18 year old cousin who is an even more rabid Tolkien fan than I am. When I asked him what he thought he said, "It was an okay movie, and it even had a few characters in common with the book. :smile:
Seriously, Peter Jackson could tell the story straight in one long movie, and easily do it in two reasonable length movies. Instead he will add a bunch of nonsense and claim he had to leave out stuff that Tolkien actually wrote becasue the movie would be too long otherwise.