To start off: yes, this movie, like all the other, cuts things that happen in the book. Do I wish it wouldn't have? Sure. But throwing things like a fuller explaination of the hallows, Dumbledore's past, and even Percy reuniting with his family wouldn't have worked in this movie because the prior movies glossed over those areas.
As it stands, I would say that Part 2 captures the most crucial elements of the book. Unlike HBP, in which the acting was mediocre at best, the actors all do a wonderful job in this. I didnt find any slow spots or unnecessary spots. A few liberties were taken with changing the locations of events, and though it sort of irritated me, I don't think the film was any the worse for it.
Overall, I loved the movie and I plan to see it again.
Unimpressed. As far as teenage angst goes, the story line followed the movie quite well. However, the sixth movie leads up to a climactic ending in Dealthy hallows in which good and evil dance their final number in the wizarding world. The sixth movie needed to focus on the death eaters, the infiltration of Hogwarts, and the death of Dumbledore. In all aspects, it failed. Voldemorts growing forces were represented by a small handful of familiar faces, the first battle of hogwarts was turned into a stroll through a school and a hut set on fire, and the the death of Dumbledore at Snape's hand was an insult to the book, and ruined the illusion that snape was on the side of Voldemort.