I always find discussion of the LotR movies interesting because of comments like the above. (Background: Huge Tolkien fan, read the Hobbit and LotR every year in high school and college, been through the Silmarillion at least 3 times, read most of the History of Middle-Earth series, etc.)
My problem with them, which was shared by most of the Tolkien fans I knew, wasn't the cuts. We expected Tom Bombadil to be gone; we weren't shocked by the absence of the Scouring of the Shire, poignant as I find that whole sequence in the books.
The real problem I have with PJ was all of the additions. In the Two Towers, in particular, he managed to ruin all three storylines not by cutting things out (which is totally justifiable) but by ADDING things that really don't make sense in the context of Tolkien's Middle-earth. The elves at Helm's Deep, Faramir dragging the ring to Osgiliath, and the ents refusing to help (and then all magically following Treebeard towards Isengard just in case he changes his mind) were all changes that added time to the film and harmed the story, in my opinion. (I have other complaints about some of Jackson's "artistic license", but they can wait for another time.)
Because of this, I cautiously enjoyed Unexpected Journey (most of the additional material was from Tolkien, not from Jackson). But some of the changes he made have made me extremely nervous about the upcoming movies. I'll still see this one first-day, if not at midnight; but I anticipate that I'll probably spend a good portion of the following day complaining about it.