Everything I've heard on the film paints a rosey picture. There are more LOTRs Fanboys out there right now then star Wars, so I expect it will be huge at least on opening weekend. what worries me is that it, like many fantasy films may have trouble breaking the mold. I worry that all you'll see is rows and rows of the Comic book guy from the Simpsons. NOt a good way to make money. Lets face it, outside of literary circles and (for lack of a better word) geeks like us, LOTRs is going to be a tough sell.
Actually, I'm not answering your question. Yes, I think it looks like a good film. I caught the trailer at the beginning of Crouching Tiger hidden Dragon ad was astounded (my puny quicktime version doesn't do it justice) I'm not the kind of person to complain about Tom bombdil, nor Arwen's expanded role, although I worry that its a waste of time to tailor in these little things to bump up broad appeal. With this one, they have to pull them into the theaters, because of the great story, not despite it.
Tom doesn't bother me so much, because he is an enigma. Likely included for Tolkien's children.
As for the Silmarillion, whatever you do, don't pick up one of the Lost tale books or Unfinshed tales these are studies in Tolkien's creative processes and you'll never understand the first age til you get a handle on the original published version. that being said, i highly recommend the unfinished tales as a source on many of the whos and whys especially the Wizards.
Finally, they just recently released a blow blow commentary on the LOTRs by of course Peter its like 12 books long nd goes chapter by chapter with Tolkiens notes and comments by Peter. I suppose its interesting, but at the same tim, I wonder if its time Peter let it go and made money a different way.