Well, it did have some mistakes -- and a lot of omissions. But, with a work this grand and sweeping, some problems were bound to crop up translating it to film -- one of course is time.
As for the "six endings to every tale" style of Tolkein, I am glad Jackson remained true to the tale, but I recognize it is odd for a movie, and critics have called it Jackson "indulging himself" through several endings -- which they admit he's earned.
For those not familiar with the book, they have thanked me when I warned them that there are several endings to the tale.