Pity. And I also feel sorry for what he became, but glad that he had a chance to meet Frodo and let his good side come out. I don't think he died completely evil, and a lot of that was thanks to Frodo.
The scene on Mount Doom where he begs Sam to spare his life is really moving: "Dussst!" and all that. We get to see him in a situation where he knows he is about to die, but he does not have the calm resolution or clear conscience of someone like Théoden. I definitely feel sorry for him.
All of his evil deeds happen long before we get a chance to spend time with him, and I believe he is almost completely redeemed through his love for Frodo and his desire to be good Sméagol. Later acts like his betrayal of Frodo and Sam to Shelob were motivated by desire for the Ring. He had to see to both Sam and Frodo to get his precious back, although of course he did enjoy the thought of squeezing Sam's throat. He's despicable, but pitiable. Not, I think, evil.
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But Gwindor answered: 'The doom lies in yourself, not in your name'.
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