I've seen part of this now, and having read the first book prior that I can say that I find what I have seen disappointing.
On the plus side is the fact that they skipped much of the over descriptive nature of the book.
But that is the only major plus. The downsides are:
Acting not as good as I had hoped.
Changes to character intereraction, like who did what and when.
A pace and direction that moved the story along too fast. (the film might have been better as a made for tv mini series). Frodo learns of Strider's "authenticity" as an ally via a letter by Gandalf. Would that really have taken so muh time?
I am not sure about the writing.
There are several inaccuracies.
And there was a kowtowing to political correctness by having Elrond's daughter do stuff she never did.
The book can drag somewhat, but it is better than the movie overall.
I will watch the rest later.