Decade Top 10 lists are appearing and it seems that Fellowship is now regarded as the best in the series. I remember when it opened, I was most blown away by Return of the King and it's battle scenes that are bigger than Epic. (They make the awesome Helms Deep skirmish look small.)
But I think ROTK has suffered the most over time, mainly from the simple eagle escape that could have saved them all a lot of time and constant jokes about it's endless conclusion.
I definitely like Fellowship more now than I did when it was released, but it's The Two Towers - Extended Cut that I feel is the real high point of the series.
But that may change (which is why I'm allowing us to change our votes).
So now that there's been some time and distance, which do you feel best exemplifies Peter Jackson's achievement?