I have no problem with the bag, a clever way to do it (and it was cute at times

).
Otherwise, like
Lommy said: effect - really brilliant. Acting: poorer. Script: basically, there was none, let's face it.
And it is basically an attempt for a PJ-clone.
Otherwise, UNCANONICITY level: horrible. "Where did you hear that rumour?" Why would somebody speak of that there? And how did HE get THERE anyway? Nonsense!!! Also things like that Gandalf (and the less Aragorn) did not know about the Nine before Saruman (even in the movies!)... and such.
Overall, I give it more points than to PJ: given that it was an amateur work, it is really amazing - especially the effects. Only it is so close to PJ and the way these "cool" movies are made nowadays that it hurts... (dialogue and such)