Peter Jackson does something I've never seen before: he actually puts more in the film than was in the book. And it works. Visually stunning (I saw it in 28fps 3-D) and compelling, especially the scene with Gollum. The only negative for me is the nearly 3 hour run time. If he could've shaved about 20 minutes it would've been 9/10.
I really think that acting was great, especially Tom Hardy and Guy Pearce (really made me hate his character). Plot was somewhat lacking and I expected more screen time for Gary Oldmans character who had a really badass showing at the beginning. Don't like Shia, but I think he did an ok job here.
All in all, a movie well worth watching.