Well, The Fellowship Of The Ring is so much better than King Kong. The entire cast is suberb, especially Ian McKellen as Gandalf. It's surprising that Orlando Bloom's character has so little dialogue, though presumably his role is expanded in the second and third installments. Though there is extensive CGI, the film also relies heavily on traditional effects such as matte paintings and miniatures. Logistically, the trilogy is surely one of the most complex film projects ever undertaken, as the three films were produced simultaneously, with multiple units.
The result is stunning. I only wish I could feel the same enthusiasm for Jackson's King Kong.