I realize that a lot will be said about this film and that my comment may not matter, but I'm going to say a few words nonetheless. I, too, had been waiting for months, biting my fingernails in anticipation and I, too, sat in the theatre with a pounding heart waiting for the film to start, and I can't say I didn't enjoy watching it. But in all, I was disappointed. I had seen 'Dungeons and Dragons' (an apparent failure) a few months earlier, and I seriously couldn't find anything that set 'Lotr' apart from that film. (besides some possibly better acting and more expensive - though not always better - special effects). Things I liked were Christopher Lee, who gives away a classic performance, bringing back memories of his glory days, and the breath-taking design of Isengard and the Shire. Things I didn't like were Liv Tyler's ridiculous British accent, long scenes that weren't going anywhere, jokes that weren't funny and the fuzzy (if impressive) battle scenes. If you've read the books, you should of course still see this film, and if you haven't... well, I guess it's inevitable anyway.
