The Return of the King (2003)
The third part of the trilogy is another very good film indeed. I remembered it as being full of huge battles, but the smaller drama impresses me just as much, especially that between Frodo and Sam (in a strong field, Sean Astin is particularly good). John Noble's Denethor is perfectly decent, but doesn't get much screen time, so his jump from depression to madness seems a bit quick. As ever, Peter Jackson deserves credit for organising the story into a satisfying film, especially given the amount of special effects involved.
Thus concludes an excellent series of films. Two particular things strike me. First, the maturity and grown-up feel of the story: not just in terms of violence, but in seriousness. At the end, Frodo observes that time doesn't heal all wounds: there's a sense that things have consequences, and that in winning, he has become a broken man. Second is the depiction of male friendship and emotion: not just the friendship between Frodo and Sam, but between Legolas and Gimli, Aragorn and the Fellowship, and so on. Many of the male characters weep (when not hacking their way through countless orcs). I suppose both of these points suggest that the characterisation here is extremely strong, unlike many fantasy films.
So, anyway, a few tiny issues aside, these films are superb and everyone should watch them.
[Oh, and just one more thing: Jackson was right to leave out the Scouring of the Shire. It would have required an extra 45 minutes at least, and its themes are well-addressed in the Isengard scenes and the departure of Frodo for the Grey Havens.]