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I thought it was very well done. I have never read the books and have heard from people who have that it didn't follow too closely and they didn't like it as much as the first one.
In the beginning of the movie Gollum was giving me a bit of the JarJar vibe but he did away with that fairly quickly. Also they were very close to overdoing the one-liners and jokes but they didn't go overboard with it.
Overall I really enjoyed it and now have to wait another year to see how it turns out.