I have to believe the sweeping landscapes would have just amazed him. I remember the first trailer where we saw the Fellowship slowly come to the top of that hill - I think he would have liked that. The music of course. Some of the sets like Barad-dur and Helms Deep should have pleased him also. I imagine the sore points would be character deviations and script changes.
Ernest Hemingway had the right idea. He said that a writer and producer should meet at midnight on a deserted beach. The writer tosses the book to the producer while a briefcase of cash is tossed his way in return. The two never speak to each other again.