Just saw the movie and have only skimmed through the thread, so forgive me if I repeat any earlier arguments. Please bear in mind that I have not read the book and am unlikely to in the near future. Oh, and it's like 130 am.
Great effects and combat sequences. They do not, however, make up for the lack of emotion I felt for the characters. No weeping took place in these eyes. And the ending....egads!!! What was Peter Jackson smoking when he dragged that thing out for an extra 30 minutes?!
PJ: "We've finished the movie so let's go get plastered!"
Crewman: "But Mr. Jackson we can't. There's still 3 million left in our budget."
PJ: "Oh. Well in that case, let's just tack some scenes onto the end. Oh I know. Bilbo and Frodo can go along with the elves on their magical journey! Hmm...a gratuitous return to the Shire's tavern and Sam's wedding will spend the money nicely as well."
Crewman: "That's....urm...appropriate I guess. But why does Frodo need to go with the elves?"
PJ: "Are you kidding? By the end of this mega-movie, everyone in the theater will have to go! Get it?! Mwahahaha!"
Anywho, the characters are given their chances to shine, but it is for such a short time in each instance, that I just lost any feeling for them by the end. Certainly glad the good guys won and all, but could we lose the new subplot with Faramir and his father please? The demented steward of Minas-Tirith's story wasn't worth the film time it was given. Blech. Didn't mind the repeat bashings he received from Gandalf though. Speaking of which, where the hell was the magic? So he casts a light spell on the nasguls? Don't strain yourself.
There were good things, of course. McKellen's portrayal of Gandalf is great as always. The pacing is waaaaaaay better than in TTT. Always good to see some undead action, even if their involvement in the battle was a bit too quick. Jackson should have added more to that battle and less to the ending. Um, can't think of much else at the moment.
So my rating is 6.5/10. TTT was 4/10 with FotR still being my favorite at 8.5/10.
OK, you can tear into me now.
EDIT: Forgot about the witch-king. Very cool with a Soth-like air and appearance. Great promise with his line about Gandalf, "I will break him." And then his coolness is truck down in an instant. I'm not upset at the circumstances of his demise, only in the fact that his nasgul killed more people than he did.