That's the main problem with it, it focuses on all the 'big events' and thus loses most of the magic of the book, which is to be found in the joy of adventure and discovery between these events, and the slow revealtion of the bigger picture of a subversive 'shadow' that's creeping over the lands like a radical secret ideaology.
This is intelligently portrayed in the films as a big [LIFTED] EYESPOTLIGHT! and some hard bastard orks hitting things violently. The monsters are all portrayed mugging to the camera and overracting with big swords and clubs, losing the subtle psychological aspects that make them scary. It's not subtle enough, and it's greatest strength lies thus in its aesthetics, which are very well realised and close to the books, even though the CGI-driven sections have dated rapidly.
The music, costumes and scenery are timeless. Everything else is dross.
