I have to say, I was pretty upset by the loss of that whole love story. To me it was one of best things about the end. And I didn't like what they di to Faramir either. I left the theatre explaining to my friends who hadn't read the book why Faramir was actually a lot cooler, and why he was standing next to Eowyn at the end.
PJ did kind of make up for it in the extended edition. And I concede that given the timing of the movie, a whole extra love story would be out of place. Of course, they might have had time if they'd just down played Arwen's role a bit.