It bridges the gap from Act I to Act III, has multiple pseudo-climaxes, nothing is resolved, new characters are introduced, and all the pieces are in place for the final installment.
If you like the series, go see it, you'll like it.
I like the series, and the movie, but was nonetheless predictably left feeling like I watched a great version of the 2d and 3rd quarters of the Superbowl, including a fantastic halftime extravaganza, and the score still tied at 7-7, when suddenly the signal cut off.
Oh, and I lied about the spoilers: Sauron reveals he's actually Bilbo's father.
