I thought the movies did an alright job, but they didn't stay faithful enough. With the loss of the songs, Tom Bombadil, and other times that were more about the magic and charm of the world, and by playing up the action and darkness, they tended to feel more like generic action-fantasy. I do appreciate that the songs came back (sans the Rivendell song) in the Hobbit, and Rohan was exactly as I pictured it.
Also... Richard Armitage as Thorin? Played the role well. Looked NOTHING like he was described in the book. Honestly, I though he was a short human or something who was living with the dwarves.