A true Epic I just finished watching the extended version of the film. I had watched the theater release last winter. And I am in agreement with those who rate this film so high.
But I also see that most of the negative reaction comes from those who have never read Tolkien. I had read the Hobbitt before seeing the film, and it gave me an appreciation for what Jackson tried to do with this movie. I have since read the novel Lord of the rings. The movie stays true to what Tolkien wanted to portray. For those who haven't read any of Tolkien's novels, the dialogue and description shown in the film could easily be lost. But for those who have read, they can understand what is being said, and know that it is vital to the whole story. Remember, this movie is only part one. A lot of what is in this film, will reflect in what will be shown in the following two movies.
As for length, I marvel at those who think they can shorten this film any more then was already done. The theater release was 3 hrs long. The extended version got something like an extra 30 mins added. Still Jackson has left a great deal of the book out. The whole 2-3 chapters of the book concerning the Old Forest and Bombadil is never mentioned. Nor the encounter with the farmer at Brandybuck. These alone would have been an extra 30 mins minimum to show.
After all this babble what am I saying. LOTR-Fellowship of the rings ranks as one of the best movies I have ever seen. Its right up there with other of my favorites such as The Godfather, Shawshank Redemption, Star Wars, Gladiator, and so on. But I have read the books. Maybe this is a pre-requisite to watching and being assured you will like it. 10 of 10