I thought FOTR stay as true to the Book as one can.  They took alot out, especially between Shire to Bree.  I also missed the explaination of Gollum.  How he escaped from the prison of Legolas's Father, which in the book is funny since gimli's father was placed there.  But I didn't think that hurt the film.  I read all the books and can't wait to see the others.  FOTR did a wonderful job on setting up what we would recognize as a World War.  Sauron taking over the world and a small "country" regains power and overthroughs Sauron, think of it as WWII if you need to. 

Legolas is a quite character, he is the eyes and ears of the group.  So he watchs over the fellowship.  Legolas is a facial character.  You don't need words to understand him.  Just look into his eyes and you understand.  Orlando did a wonderful job with that.  I think that could be one of his advatages in acting.  Theres actors out there that directors and writers take lines out because they aren't need because it would ruin how you see and feel the expression.  I hope to see more of this in Orlando in TTT.