1. I'm not a Tolkien geek, just a movie fan. It's been so long (35 years?) since I read the book that I couldn't tell you what was story and what was filler.
2. I loved Jackson's LOTR series.
3. Saw it with my 20 year old son who kinda is a Tolkein geek and does know the book very well.
I don't necessarily think it was a bad movie, but I was ready to leave 45 minutes before the end. My son made the point that the beginning section of the book is the slowest moving part, so in a way this is like judging a play after Act I (which is always the slowest moving).
Bottom line is that this movie is WAY too long for the content. There were several scenes that I thought could have been cut or shortened to tighten up the movie for those of us who aren't Comic-Con geeks.