I've just gotten back from seeing King Kong. It's okay; not great by any means, laughable at parts, and sort of awesome in others.
This may be a weird comparison, but in many ways, the movie reminds me very much of The Matrix Reloaded. There are just so many blockbuster action scenes stacked one after another that it starts to wear on you. After the fifth or sixth time everyone is in mortal peril, I honestly didn't care.
Also, it's far too long. I feel like I saw the parts set on Skull Island yesterday and the first third of the movie sometime last year. It drags and drags.
The CG is hit or miss. King Kong looks fantastic, but the interaction between filmed and CG elements is sometimes really awful. The other creatures are suitably gross.
I really wasn't expecting to like Lord of the Rings at all and, in fact, didn't see the first two until they were both on DVD. Those are fantastic, cohesive movies. King Kong is not of the same pedigree as LotR, even if its from the same filmmaker.