Saw TTT yesterday; I give it four stars, or four-and-a-half. Great movie, no doubt,
but... it could have been even better.
Detailed analysis, slightly spoilery but hopefully not too much:
Visually amazing. Edoras and Meduseld, Hornburg and Helm's Deep, Dead Marshes, the Black Gate, the ents... whoah. I'm awed.
Gollum looked kinda fake for the first minute or so he was on screen, but then I forgot he was CGI. Very well done, IMO, especially providing reason for his future actions.
I felt that Theoden's situation and Wormtongue were much darker and, well, evil than in the book. Grima was, for the lack of a better word, creepy.
Overall, though there were pretty extensive modifications to the books, only two of them bothered me: the ending of the battle at Helm's Deep, which felt rushed and unbelievable (where's the huorns?) and the Faramir side-trek.
Actually, I think the last one could have been improved by a tiny modification: show that Faramir would let Frodo & co. go himself, but as a captain of Gondor, he must obey his father's orders and take them to Minas Tirith. From there, proceed as in the movie.
Oh, and about the wargs: I liked them! They didn't look like wolves, but rather like some sort of mutant beasties Saruman might raise for his orcs to ride on. (Did anyone else notice the scarred, one-eared, patched-together Warg keeper at the Isengard? Not a safe occupation...

)