Well, I've seen much worse than Two Towers emerge in the last decade, I'll grant you that. However, I felt it was a little disrespectful (Gimli, anyone?). And that Thing about Gandalf (what he said in the stables before charging off, specifically), I can't make any sense of it. I'm reasonably sure I would remember it if I had read it. And Gollum's discussion with Gollum... Though it has depth, it felt a little out of place. Gollum is a Bad Hobbit(tm) according to the books, with his personal agenda concerning the ring. His spirit is twisted beyond repair, not some misguided poor old sod.
In between the inconsitencies with the books though, the visuals kicked some mighty hide. I'll agree to vote Fair (I would have voted Good for Fellowship of the Ring, mind you, even if there were some stuff that I beleive should have been something else).