While I'm a fan of the Lord of the Rings books and have read most of the expanded universe stuff (Hobbit, Silmarillion, Unfinished Tales, etc) I was also a big fan of Jackson's adaptations. And that's what it was - an adaptation.
He decided to keep certain stuff, cut certain stuff and embellish on certain stuff to deliver what he believed to be a faithful telling of the story that kept with the spirit of the books.
In my mind, he did that extremely well.
Some sequences might have been a bit over the top but for the most part I believe that the movies were a great adaptation of the novels.