Having just read Fellowship of the Ring, and soon to continue into the other two parts of the Lord of the Rings book, I can say that the books themselves are also this way.
Look, it's not your style. It's true that people can think the movies are long, which they are. But, at least with having read the first part, the movie Fellowship of the Ring is pretty faithful to the source (except for, of course, the lack of a Tom Bombadil).
I really enjoyed what I have read, but the author spends a lot of time describing scenery during their travels. I think PJ did a pretty good job transforming what was written to the screen.
It has been a long time since I've seen the movies, but my guess is that, with having already known the story, and the incredible length of the movies, people might not feel as invested as they would watching it for the first time. They were also made in a time when movies were just different. Movies today are so spastic with their pacing and editing. I kind of relish the fact that I can return to a series of fantasy movies that have a more slow, deliberate pacing.