I agree that the murder scene was well done - appropriately disturbing and, like the murder scene in PJ's "Heavenly Creatures", seems to show the humanity (hobbitity?) of both the murderer and the victim, making it all the more horrifying. I'm not good at discerning what it is in a scene that gives a particular feeling, but watching this I almost felt as if I were inside Smeagol's mind, watching himself completely lose control.
As far as Smeagol's appearance (pale and creepy to begin with), this is in keeping with Tolkien's description of him. The "ring addiction", I thought, was also strongly suggested in the books; I remember having that thought while reading them ten years before the movies were even begun.
I did think the transformation happened too quickly, and apparently before Gollum ever entered the mountain. I had always imagined he changed slowly, over the course of the five-hundred-or-so years underground, and not due to the ring being, as you say, "radioactive"! I also think a slower transformation could have been suggested in the same amount of time, so time constraints really wouldn't be an excuse. Other than this, I liked the sequence - I was pleasantly surprised to see it included & also to see Andy Serkis in the flesh, since he's one of my favorite actors.
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