I saw it yesterday!! It was one of the most enjoyable movie experieces I've had in a long time. The Prologue was fantastic, the armies, Elrond in the frontline, and specialy Sauron were all made so well. I loved how they made us really frightened by the One Ring. I think it should deserve an acting nomination itself
I think Liv Tyler did a very good job. I didn't bother seeing her character more than in the book, because she is simply gorgeous.
The film is not mediocre, it was a huge achievement, and I intend to see it at least another couple of times in the next weeks.
9.9 out of 10.