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And, yes, I thought they were excellent movies- as movies. But as presentations of my most beloved tale?
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The books are not suited to visual representation. Tolkien's language is absolutely essential to LotR. That's why the BBC Radio version works so much better than the movies.
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As time goes on, I tend to agree with these positions. PJ did as well as one could, given the current state of technology, but I think that the product would have been in a much better quality (both as a finished product and as a vehicle for a specific audience - rather than all audiences) if LOTR was adapted into cinema in, say, 20-50 years from now.
Byt, if one believes that the Hollywood blockbuster will soon be a thing of the past, then we should thank PJ and NewLine for taking this project on now, with it's $300 million budget, as that kind of money may not be so ready 20 years from now.