The only thing bad I can say about this movie is that I didn't want it to end! Just as good as the first two (I wonder why this was the only one to win Best Picture). If you are unfamiliar with the books then some of the suspense may overwhelm you, especially one of the climatic scenes between Sam, Frodo and Smeagle and the Ring.
Some of the band fall and you wonder when things get bleak if Aragon will indeed return as king. I don't want to give it a way but some ghosts play a big part in how things turn out.
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