Saw it last night - and think it the best of the three. I didn't mind the plot shortcuts as much as some do, though miss the confrontation at Isengard. I thought it much closer to the theme than the earlier two.
However, it is interesting to see how different parts have affected people differently. For example, the beacon scene I thought typical of the worst parts of the movie - overdone for size and spectacle at the expense of credibility. Beautiful scenes across NZ mountains, but it was only supposed to be 3 days ride away - how many mountain ranges is that? Who lives all their time at the top of these peaks, just awaiting the word?
On the other hand the arrival of the corsair ships was very poorly done, in comparison with the rest of the film. Tolkien's image of the black flag changing to silver - I thought that was very cinematic, but it was ignored in favour of hokum.
And one recurring question - how are all these cities fed? NZ is full of farms, so would Gondor and Rohan have been. Minis Tirith surrounded by wasteland - I don't think so.