Ahhh....it's after midnight and I just crawled out of the theater. I can't say ROTK is my favorite of the three, but that's because I view tham all as one movie so I don't really separate them. It was everything I expected it to be, which is to say, magnificent. I've always had a hard time picking a 'favorite movie of all time', but not any more. LOTR wins by a landslide.
Some of my favorite parts:
-Eowyn slaying the fell beast (I'll admit, Eowyn is my favorite non-hobbit character)
-Legolas taking down the Mumakil (the whole theater applauded!)
-Pippin singing (really moved me for some reason)
-Shelob sneaking up on Frodo and giving him one nice jab (I knew it was coming, but it still surprised me)
-Sam going after Rosie at the bar (The man knows what he wants!)
I didn't think the ending was too drawn out, but I can understand where some might think that. Personally, I could have sat there for another three hours.