I stated what was praiseworthy in a thread in the movie forum. I'll state it again here...
- Hobbiton looked good and the party at Bilbo's was well done.
- Rivendell looked better after the remodel and the tearing down of some of the gazebos.
- Elrond looked better and the acting was more 'Elrondish'
- Galadriel looked much better, more like Galadriel.
- The whole 'Riddles In The Dark' bit was good. Andy nailed Gollum again!
That's about it. The screenplay, the overly padded story as written and portrayed, was absolute rubbish.