I particularily liked the Balrog, and Moria in general, it was uncannily like the mental images I had of that whole stretch. Lothlorien was very great also. The scene with Frodo offering The Ring to Galadriel was perfect.
So, I guess that stepping back from previous knowledge of the books, that the movies were actually very well done; but I do think a big part of the commercial success of the movies was due to the name recognition of 'Lord of the Rings".

EDIT -  that post is in reply to XENOPHONZ

Friends don't let friends use booleans.