The main problem with the films so far has been the over-the-top presentations of the bad-guys - Saruman's tunnels and forges around Isengard, the sheer numbers of Orcs whenever...

There were a couple of parts that were distinctly cloth-eared - Aragorn's fall for example, and having Frodo confront the nazgul in the ruins was just plain STUPID. However, as was pointed out to me, Galdalf's "Hi-yo, Silver! Away!" was actually in the book...well, nearly.

Overall, I think he's done a pretty fine job - better than expected and (a few points aside) probably as good as it is possible to get in the limitations of the media. Many of the best parts of the book have been twisted, trimmed out or lost, but then the book really needs 24 hours to film properly, not just nine.