It's a beautiful moment, capped perfectly by Howard Shore's score stringing the Shire theme. I don't cry at movies, but that's the first time ever where I wanted to.
I agree that Merry and Pippin shouldn't be placed on the same level as Frodo and Sam, but you have to admit that, in both the book and the movie, the Quest likely would have failed without them. Or at the least, Minas Tirith would have fallen. But that's another thread for another time.