I just saw Peter Jackson's Lord of the Rings I film and was very impressed. Not only did he tell a compelling chapter of the three-part story, but he built up his characters quite quickly and with some nice florishes. Great to see Christopher Lee back on the big screen, too. What won't surprise anyone is how he uses some vivid scenes that seem to be inspired by some Wellesian touches... I'm speaking of the opening battle scene, where thousands of warriors are on the field in a savage war, yet he brings the terror and struggle to us with close-up shots of the fighters, their bodies and weaponry flailing about; a tribute to Welles' Chimes @ Midnight. He also makes full use of his sets, like Bobbins' home, shooting from a severe angle, while also utilizing some nifty closeups. With all the special FX at his disposal -- all nicely done too, and I won't be shocked if the 20th anniversary print is circulated as is in 2001 (a knock at Spielberg) -- he really ensured that a good number of people, including non-Tolkienists like myself, will await anxiously for the next chapter.
But Jackson's been known to tip his hat to GOW, most notably his excellent use of the Third Man star in his Heavenly Creatures. I thought he did a fantastic job of mixing reality with teen's fantasy there, and Master Welles and James Mason fit the bill perfectly.