Absolutely not. The first film is excellent, bar a couple of silly bits, but the 2nd and especially the third film are really repetitive slogs, adapted from boring repetitive books. Sauron being a literal eye, endless battles and inspiring speeches, crap special fx, 10,000 endings, and increasingly dull charachters.
A lot of these problems stem from the books, of course, but that doesn't make the later films any better.