Gosh, I finally saw this version on Cartoon Network last Monday, and all I have to say is thank gosh I didn't have to waste my money to rent it!
It was horrible, just plain dreadful, and awful
(ok, maybe it wasn't that bad, but I am just letting my emotions spill out)
Now I had heard about it being bad, and the beginning started out okay (I thought Hobbiton, and Frodo looked fine), but once they introduced Sam (aka the Hunchback of Notre Dame in my opinion) I knew it wasn't going to be good. The main thing about this version (as many others have said) is the way the characters are shown on screen. I thought Aragorn looked like a mix between Robin Hood, and Conan the Barbarian (And I kept thinking that he needed a shirt), when I first saw Boromir I said "who's the Viking" (I didn't know that it was Boromir at the time), and then Legolas looked like the Prince from Swan Lake. I also thought that the Film's Elrond was terrible too, and Isengard... All I can say is "ugh".
I actually gave up on the film halfway through, but it was quite funny at times (the orcs! and Ringwraiths).