I just rewatched the movies for the first time in a long time. I had wondered whether my enthusiasm for them would have worn off, but no; I think they've aged extremely well (unlike some other classics). Watching the extended editions all together in one weekend is a great experience; the ending really pays off because you feel the epicness of the journey.
My favourite movies leave me feeling, not excited or sad or vengeful, but heroically inspired, with a burning desire to go out and do great and noble deeds. Both the book and the movies give me that.
Rewatching the Shire scenes having been to the Hobbiton set is pretty cool.
The only sad part is that it drives home what a missed opportunity the Hobbit movies were.