I think it was well done for a book-based movie. Sure, some of the interesting things from the books were taken out due to time constraints, but I think they did the overall plot quite well. Letting silly, small or insignificant things get to you will make it seem far worse than it is.
The only thing I'm worried about is the fourth movie (the book being about as long as the entire LOTR series). I'm SURE that movie is going to flop.. they could take two hours doing the first 15 chapters of that book.