Okish watch, better than the last very very lame one, so thats not saying much. But overall, unless you're a fan of the whole saga ( and I know almost everyone is), these movies really can be avoided.
I haven't followed the story, haven't read the books, and seen few of the movies perhaps not even in the correct order. My feelings about the movies, are based strictly on how someone with a barely nodding acquintance with the whole setup, would see it. Comparisons with LOTR are perhaps inevitable, specially for someone like me who isn't following the story carefully. A cursory glace at a scene can really make you which of the two you're watching. As far as I'm concerned, both the sets of sagas were pretty much useless, things you kept up with, just because everyone else did.
As I've said before, the fantasy genre isn't something I like much, so never got around to the books, which I've heard are much better. Lets see, maybe some day, i'll pick them up. I did plod through LOTR trilogyand was pretty much disappointed, so much detailing of an alternate reality, and for what?
My take - avoid. I know its wasted advice, but still..