Mostly I just felt Wow!. I think the whole trilogy has been a stupendous achievement on Peter Jackson's part and it will surely become a classic. I have a few quibbles. Faramir has been the major disappointment for me. He's one of my favourite characters in the book and yet the subtleties of his character just haven't made it onto the screen. I did like Faramir a little better in this film (compared to what we saw in The Two Towers) and I do hope that in the extended version of The Return of the King we may see more of him, which might round out his character. The Paths of the Dead bit wasn't a scary as I thought it could have been and I could have done without Legolas once again demonstrating his supernatural agility by taking down an oliphaunt single-handed. But there was lots of good stuff to compensate: more stupendous scenery (the beacons flaring from mountain top to mountain top purrr); spectacular architecture in Minas Tirith (which I thought had just a touch of Oxford about it -- assuming you'd smeared Oxford up a near vertical cliff, that is); huge armies in desperate battles.
But best of all, worth the 1½ hour's drive and the 3.50 UK pounds admission for that moment alone, was to see the orcs blench at the arrival of the Rohirrim, to hear someone yelling, "Ride for wrath! Ride for ruin!"1 and the hair on the back of my neck was prickling as they charged.
1 Or something like that, and there was more stirring stuff, but the cinema didn't have a rewind button, so it's gone in a blur. Roll on the extended edition DVD is what I say.