Personally, I think Peter Jackson was brilliant. I went into the first movie of LOTR in fear and trembling, sure he would stuff up the whole feel of the story. I was surprised and delighted within 2 minutes of the start. His whole image of The Shire was utterly brilliant.
My comparison was the abortive and horrible attempt some years earlier of compressing the whole 3 books into a single feature length cartoon. An abomination!
Peter Jackson had to use omissions and a few minor additions and changes, but remained true to the spirit of the story throughout. If he had included Tom Bombadil, he would probably have needed to make a fourth film, and enough is sufficient. You others may moan and complain, but I am delighted.