I thought it was an awesome technical achievement, and I was absolutely stunned by the first one when I saw it in the cinema, but I was quite disappointed with TTT and TROTK due to the changes Peter Jackson made to the story - most notably Faramir deciding to take the ring to Gondor, and the undead army just sweeping through Gondor and saving the day. The Elves joining the battle at Helm's Deep was also stupid - The Last Alliance was called The LAST Alliance for a reason. These changes downplayed the strength of Men in overcoming insurmountable odds.
I agree.
Elves at Helms Deep really annoyed me, as well the the visual image of Gandalf leading the cavalry charge down a ridiculously steep slope straight into a spear-line of Orks, they should all have died.
Changing Faramir's character and actions towards Frodo/the Ring was very annoying, just an excuse to introduce Osgiliath.