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Summary: An epic adventure of good against evil, a story of the power of friendship and individual courage, and the heroic quest to pave the way for the emergence of mankind, J.R.R. Tolkien's master work brought to cinematic life. (New Line Cinema)
Doesn't skimp on the details and set up but doesn't save any time either. the direction sets up the epic tone for the rest of the trilogy. The ending is a little disappointing though.
Mistakes - 1) At the gap in the stairs in Moria, Boromir ducks as he is nearly hit by an arrow, and sheathes his sword. In the following close up he sheathes it again as he stands behind Gandalf. 2) When Frodo is stabbed by the Troll, he falls with his face to the left. It remains in this direction as Aragorn crawls towards him, but when he reaches him and turns him over he is facing to the right. 3) Aragorn's mouth is bleeding when he is headbutted, but the blood disappears in the next shot.
The only flaw I can really say this movie has was that it left out Tom Bombadil. I realize he wasn't really all that essential to the plot of the books and leaving him out doesn't actually hurt the story at all. In fact, it probably would have added another half hour to a movie that already stretches out the time. I just thought he was an awesome character and it would have been cool to see him in the movie. Long story short: awesome adaptation, awesome score, awesome acting, awesome everything.
Personally my overall favourite of the three, but that is entirely due to the lack of Golem. He pisses me off so much. As you'd expect, the story is tight and the characters well formed.