I'm having hard time really putting my finger on it, but I liked Fellowship of The Ring better. Perhaps it's because Fellowship had more character developement and when a character did something you had a good sense as to why it was done. Two Towers didn't have much character development. When Frodo felt pity for Gollum(aka Smeagul) I had a hard understanding why Frodo so readily felt pity for him. Eventually I would feel pity for Gollum but still did not understand Frodo's quickness to feel pity. None the less the only real character developement in this movie was of the King and Gollum. The King did not appear in the first movie, and Gollum was just a couple small side notes in the first movie, so perhaps that's why more charcter developemnt of Gollum was in this movie. There was so much action going on in this movie and stories going back and fourth that it just didn't feel to have the more steady flow of the first movie. All in all it's still a wonderful movie and the parts with Gollum and his dual-personality were my favorite. I too had a hard time remembering that Gollum was just an anmitated figure, and he appeared very real to me. I regret not ever having read the books after watching these movies.