As the starter of the "did NOT" thread, I feel compelled to post here. Since I obviously cannot point out everything I liked (it's so much more than what I disliked), I'll raise what are, in my opinion, the highlights.
1 - I'll start with what is, in my mind, the best scene of the movie. The Balrog! This scene is probably going to be burned in fire in my mind to my very last day.
2 - Moria! The setting was basically perfect (except for the spidery orcs, but that belongs in the other thread

), and I just gaped at the rendering of one of the Great Halls.
3 - Hobbiton. It came basically out of my mind and, I bet, out of the mind of most people who read the book.
4 - Gandalf! Sir Ian is just great. His acting is powerful without being overdone, and he really passed along the feeling of the character.
5 - The Last Alliance! One of the best short battle scenes ever rendered in a motion picture.
6 - Did I mention the Balrog? Oh, I did...anyway...the BALROG!!!
7 - Barad-Dûr. Beautifully evil and dark...one of the best renderings of a fortress I've ever seen.
8 - The scene of Frodo and Sam seeing Mordor! Straight out of an Alan Lee picture (or some other Tolkien artist, anyway).
9 - Saruman. Although I disliked the "slave to Mordor" thing and the battle with Gandalf, Christopher Lee did a textbook portrayal of the Istari.
10 - How could I forget this, the Pass of Argonath! Again, straight out of my mind...I'll always remember it.
I think I didn't leave any important part out, except maybe if I didn't mention the Balrog. Did I? Oh...it must be my age...