Despite some huge book-related errors (Elves at Helm's Deep, Faramir, etc) this is a great movie. I haven't decided whether it's better than the first, but it truly is a masterpiece. It contains both the best introduction to any film I've seen, and the best film battle I've seen. It may not be 100% accurate as far as book translation goes, but some is warranted and as a movie goes, it is brilliantly entertaining and has a little bit of everything. A must see, and bring on the third.