I have just seen the movie and I was impressed.
I think the first movie is better, but this one is still pretty excellent. The battles and scenery were impressive. I was totally awestruck by how good a job was done with the digital Gollum.
Gollum basically steals the movie. He also almost steals the front of the movie theatre as well becasue I saw it at the Embassy in Wellington, with the Weta studios Gollum on top of the theatre looking down at a giant replica of the One Ring.
How they made Gollum so expressive is amazing. At times people in the audience were reacting to the little things Gollum did as if he was a real character, which in reality he has become.
The Two Towers should be called the Gollum Smeagol show.
Overall I was very happy with the film, but I think the ultimate is yet to come. The Return of the King will be really impressive, with bigger battles and a certain spider.