I thought the Lord of the Rings movies were terrible adaptations. Like...horrifically bad adaptations. I'm a Tolkien Loyalist I suppose.
However, after I separated the movies from the Books, I saw the movies as iconic pieces of art in and of themselves.
As I had already realized that the Lord of the Rings Trilogy was a Travesty if one wanted to say it was an adaptation from the Books, I was not bothered by the Hobbit films doing the same thing. All they did was make it more apparent that they deviated from the source material than the LotR movie trilogy did, but they both did the same thing (and I thought the character assassination of such heroes such as Faramir, Sam, and Frodo [Sam would have NEVER left Frodo, and Frodo at that point would not have believed Gollum over Sam in that aspect for example] was worse in the LotR trilogy than it was in the Hobbit Trilogy).
Seeing the LotR and TH as merely inspired by the books, I can see that they are artforms in and of themselves. In that way, the LotR is a masterpiece just like many see them as. The Hobbit trilogy doesn't quite match the masterpiece, but it is an okay movie as well in that regards.