This LOTR isn't quite as well-rounded as The Fellowship of the Ring, mainly due to all the back-and-forth subplots and excessiveness. Out of the three subplots, the one with Frodo, Sam, and Gollum is my favorite, since it's more important to the overall plot that all the other subplots. The Aragorn, Legolas and Gimli subplot is also nice with all the combat sequences, and the Merry and Pippin subplot offers cool walking/talking tree scenes. (SPOILER ALERT) The return of Gandalf was also surprising and satisfying, although I think I like Gandalf the Gray better than Gandalf the White, since Gandalf the Gray is more laid back, while Gandalf the White is more strict and focused on combat.
Anyway, this may not be quite as good as the first film, but it's still a timeless fantasy adventure that will please both young and old.