I have to say I don't agree with you, hardly at all, Sonkem--
I have read the books as well (of course--they are my favourite books in the world) and I must say I think the movie is absolutely SPECTACULAR. Peter Jackson did it so well I was just blown away. The books are better, of course, but the movie is absolutely wonderful.
Even if they did take out some parts and expand others, that doesn't mean they were doing bad! Sure, Tom Bombadil is *wonderful* but I can think of much worse things he could have taken, and I know Jackson has a passion for the books that is unrelenting--he wouldn't take anything that he thinks would hurt the spirit they convey. Remember--the movie (this is only the first one, mind you) is already three hours long--Tom Bombadil and Old Man Willow would add another half an hour on.
Personally, I LOVE Pippin's, Merry's and Arwen's expanded parts, I thought they were a little neglected in the book and I'm glad they were shown in a brighter light, so to speak. Really--I loved Pippin's adorable comic-relief. It added a light-hearted laugh to the sincerity.
My ONLY complaint to the movie was that they cut out the part where Frodo dances on the tables at the Prancing Pony singing his 'Cow Jumped Over the Moon' song. I can easily see Elijah Wood doing this--it has
got to be one of my favourite parts in the book, and it surely would have been one of my favourites in the movie!!

Agh. I miss it, really I do!!