Well, I liked the first one a lot. I was disappointed by "The Two Towers" though I had a bit more sympathy for that one after viewing the commentary and the extended version on DVD. The director was faced with some tough choices on Two Towers.
For me, Return Of The King ranks right between the first one and the second one. I still like the first one best because I am a bit of a purist and that version is truest to the book.
However, I will have to say that the battle scenes are simply kick ass. Think Braveheart x10 with some massive wideangle shots that could only be done with cutting edge digital use (or a real army). Even if you think all of these books and their related movies are utter crap, the battle scenes in ROTK are worth the price of admission.
I am betting that when the extended version of ROTK is released, it will beat out FOTR for my favorite of the series.
Are there any "extra" "invented" scenes as in the Two Towers?
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Not really - there are some plot merges and other things to simplify the story; but they didn't just start creating complete new storylines that never existed like they did in The Two Towers.
Some of the plot merges and such are kind of jumpy and not very smooth; but to be fair a lot of Tolkien's writing was the same way and they have a lot less time to tell the same story. The whole Faramir/Denethor thing is compressed into about 10min of film or less.
SPOILERS:
So did the undead help Aragorn win the war at the Pelenor fields?
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Yes. I thought they could have done a little better here. I kept flashing back to the "Pirates of the Caribbean" movie every time they showed the undead. That and they are in the middle of a major battle and 2 minutes after the undead show up, the battle is over. Considering the build up to Pelenor Fields and the epic battle scenes in it, the ending of it seemed a bit rushed to me.
They also cut the scouring of the Shire and that entire related plot line from the movie - even though the film goes on about 30 minutes after the final battle before the Black Gate.
Also:
Faramir/Eowyn
Houses of Healing/King healing
Black breath
Wild men of the woods
All of the above plotlines are gone. Considering the movie is 3.5 hours, I can see why they were cut - Jackson is still having to pay for his decision make the Two Towers the way he did and has to work in Shelob and Paths of the Dead into this film.