I saw the film during the day on new years eve and it was really cool. Very well done for a Hollywood film cuz it was played quite straight and innocent instead of post modern comedy or just going over too the top. It was quite cheezy but I think they did about the best they could. Stuff was cut out but a normal holywood film would have tried to pack the whole 3 parts into one 2.5 hour film whereas they actually paced it quite well at 3 hours for one part. I could easily have watched the whole 9hour thing in 1 go but the bastards are going to make us wait a year at a time.
One thing you should be prepared for is that the film just kindof ends with everyone wandering off - ie there is no actual ending cause the next film literally just follws on.
The effects and filming were really damn cool though a bit flickery in places and the fight with the blobby cave troll thing was obviously computerised.
One thing that I thought was odd is that the film gut a PG (parental guidance) certificate in the UK byt on all the adverts they tagged on acheesy american guy saying "my not be suitable for under 8s". Having seen the film you can tell why cause there is quite a bit of violence and although they cleverly show virtually no blood there is limbs being cut off, torture and decapitation. It like how the star wars films always get U (universal) certificates - Im sure the film companies pay off the censorship boards.
Oh yeah, I also found out the other day that the director, Peter Jackson was the same guy who directed cult comedy gore flick "Bad Taste" (hard to believe!) so I have nothing bad to say about this man!