While I felt the movie was just as visually amazing as the other two, I also think it was the most butchered. In my opinion, it was a 3 hour preview for the real movie that will be called "the extended version".
First of all, I didn't really care about the characters. They really cast Samwise aside emotionally, never dealt with Aragorn’s struggle to accept his role as king, and they must have also left out some sort of Faramir/Eowyn story since they elluded to some sort of connection at the very end.
Also, the fall of the Witchking had to be completely butchered to hell, since it only lastest but a few minutes when the movie had built up to it for so long.
Not to mention the fact that Sarumon and Grima Wormtongue were never mentioned, so um, I guess they evaporated?
Plus, how the hell did Samwise get the ring when Frodo had been taken by the Orcs to the tower? If you read the book, you'd know - however, Frodo's web was intact when the Orcs took him, so it's not as if Sam could have removed it. This is just part of a huge scene that was cut out.
As far as the army of the dead, yeah, they were a bit "Pirates of the Carribean", however, the weak point to me was their bind to Aragorn. It seemed pretty weak that despite fulfilling their pact, they had to ask for permission to be released. It just seemed phony. Especially since they were just going to kill him - I just feel they left something out there as well.
Also, I was at least a little surprised that there was no celebration for their return to the shire. They were great hobbits, and they talked of how famous they'd be - yet when they got home, not one hobbit gave a damn? Hmmmm....
At this point, the Two Towers extended is my favorite.