Ok, heres my opinion:
1.Peter Jackson has done a fantastic job at creating an amazing world for LOTR to take place in. The scenery, the battles, the characters, the costumes, the weapons...everything is oh so right. The visuals are out of this world, and barring thr invention of 3D cinema, I doubt anyone will ever do much better than this.
2.The parts that he has done, he has done rather well. A few major things have been changed there, but if the books were just those parts I would be much more forgiving. Well, except for the whole Arwen deal, which is going to freaking far for no obvious reason. If it (the expanded role) is, as I think, only to accomodate Liv Tyler's ego, then you could just as easily hire another actress who would most likely do a better job at acting the role.
3.He has cut out far too much. Yes, I understand that a movie can't be 6 hours long, but without the parts that were cut, you don't get the full exprience. The cuts were made to accomodate the casual watcher (aka the unwashed masses, aka the Harry Potter crowd), because I can almost gaurantee that no one who has read the books would mind an extra 1/2 - 1 hour for each movie. The more, the better. And if you are the type to get bored by the greatest fantasy story ever told, then you quite frankly don't deserve to be watching. This may sound fanatical, but its like the London Symphony Orchestra adding turn-tables to their line-up in order to draw in the younger crowd.
Without having seen the last movie yet, I have actually enjoyed the first two

, and I don't think I'll be overly disapointed. The movies have been "very good" as opposed to "excellent", so its not like its a catastrophe or something. However, one day, when I get rich, I'm gonna remake the LOTR trilogy (not to mention the Hobbit and the Silmarillion (that would be like a 20 hour movie)) as it should be.
Well, that was my little rant, now I'm off to [l]stalk Peter Jackson[/l] watch the Two Towers again (no, I am not a wierdo, this will only be my second time watching the movie, the first was in theatres)