The movie was absolutely stunning. Graphically rich and beautiful to the eyes. I wouldn't be very surprised if there isn't a few finger impressions on the arms of the seats where people had squeezed them from suspense.
Some people thought it dragged on in the middle, but I thought that it laid out the movie perfectly. It was a spectacular story-telling event, one of which that follows more closely to the book than any of it's predecessors. It was better than I ever imagined and some of the others said it followed their exact visions that they had had when they read the actual book.
The splitting into parts may have been the best idea they could have done. Some say it was for financial purposes, though I believe that there was just no better way that they could lay it out. The ending was not too abrupt and took place at the perfect time. I can tell you right now that summer will never come slower than it is going to this year.
It is an absolute must see. Three hour wait? Who cares.
If you don't see it in theaters, then you are missing out.