He did it well. There are interesting character arcs, odd bits of backstory, and the not-really-told (in the books, that is) tale of The Necromancer of Dol Goldur is woven into the film. The scenery is still pretty. The action sequences are fine -- I loved the running battle through the Goblin Deeps under the Misty Mountains - and all your favourites are back. There's Old Bilbo (Ian Holm), a little Frodo, some Saruman (hooray!), some Elrond, some Galadriel, and a cheerfully eccentric Sylvester McCoy doing Radagast the Brown -- a wizard who rates about a line and a half in all of Tolkien's books put together.
I enjoyed myself. That was nice. And of course, I have our Kiwi brethren to thank for that, right?
And yet... and yet...
This is a picture of a Cadbury's Mighty Perky Nana bar.
She has a verdict! Yes, faithful readers -- a Mighty Perky Nana Bar tastes yellow!