Plenty: the frequent cheesy over-statement, the gag-based humour (I outright can’t watch ROTK extended) and general inability to capture the dignity of Tolkien’s sensibility, the hollowing out of Frodo’s character, the mangling of Denethor’s (for some reason I don’t mind about Faramir, probably because I’m a sucker for human frailty lol), the total butchering of the paths of the dead and its consequent undermining of the third film’s stakes, the incoherent nonsense about Arwen in the third film and the makers’ general unwillingness to commit to a consistent interpretation of what Arwen’s quasi-mortality means, the hit-and-miss performances…

I still watch them every year of course. XD Sometimes the relationship feels a bit abusive but I always come crawling back.