Yes, I have to agree with you. A great movie and I loved to see all the folks and places of middle-earth come to life and walk "in reality". The actors are quite well chosen I think, though Legolas' introduction was a bit stupid: "Halt, Boromir, don't you know who you are talking to?"Hobbingen looked truly idyllic and Bruchtal had a great scenery (are these names correct? I only know that Bilbo and Frodo are called Baggins in the original, whereas they are called "Beutlin" in German - seems we need a Tolkien-dictionary ). My favourite was Moria, especially the entrance. "This is a grave".
But though I loved the movie I think there were some essential things missing - Galadriel's gifts to the fellowship for example or Legolas' and Gimli's dawning friendship. Two things I didn't like are that Aragorn is revealed as Gondor's king-to-come so early and that Merry and Pippin go with Frodo and Sam just by accident (I loved their little "conspiracy" in the book). But apart from those small points the movie is just great!!! Looking forward to the "Director's Cut" - DVD, which is announced for November and of course the second part (we will see Ents!)