As, I expect, many fellow hackers, I went to see The Fellowship of the Ring last night. Well, I must say that it was truly very good. I found Jackson incredibly good at picturing evil creatures, and despite lesser inspiration in dealing with good creatures (I especially found Galadriel to be quite disappointing) some of them -- notably the hobbits -- were really well performed as well.
Purists might resent his departing from some elements of the book. In at least one case I must say that I agree, as Jackson completely obliterated the travel from the Shire to Bree, thus leaving out some truly magical moments.
However, in some other cases I totally agree with his choice. Making Arwen a more important character was imho a good choice. I've always found that LotR severely lacked feminine presence and giving Arwen more space to exist was a good choice in that it makes the balance slightly better adjusted.
The music was a bit weak, but the visuals and acting were quite impressive. I think it's a must see, whether you've read (and liked) the book or not.