If I don't think of it as Tolkien it's not half bad. My gripes...
1. Harfoots are too twee.
2. Short hair is wrong on Elves.
3. Pacing...Too much jumping around. Feels disjointed. LOTR had fewer viewpoint shifts, mostly not switching off Frodo until a character had joined him.
4. The ice troll fight. Why is the entire company useless except for Galadriel? Did even one of them make a single attempt to swing a blade? They should all have a hundred years experience fighting orcs/monsters at an absolute minimum.
5. Don't Dwarven women have beards?
I didn't even notice it at first but my wife, who has some costuming ability, is irked by the machine embroidery. The handwork in the PJ trilogy makes the clothing look real even in the tightest close-up. She thinks for a billion $ they could have shelled out for the real deal.