I love the first movie with a passion, and always will. I think part of the reason I love it so much is because it shows so much of Hobbits in it, and me being Hobbit, weel that just makes sense, doesn't it? (Yes, Hobbit at heart.

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I don't really agree with you about the other two not being as good, though. The others, you have to remember that the fellowship is visiting less refined cultures and new surroundings. As to the dialogue no being as flowy in the other two, the different cultures had different ways of saying things, in their tone and mannerisms and stuch. The Elves use a lot of beautiful words and show great expression, whille the Rohirrim are warriors, not trained for great halls and fine speach, but for battle. The Gondorians were also a little rough, and yet they knew how to express themselves more. Cultures have a lot to do with the dialogue in the movies, I think. Someone dissagree with me if I'm wrong in this, and it may not have any bearing on the film, I suppose.
The story altogether is an amazing story, intricate like a tapestry and delicate. It also is a grand adventure, which is what caught my attention, I finally found out where I come from! (Just kidding)
Good questions, I just loved all the movies, but FOTR and ROTK are my favs.