As he says in this video discussion around the 33 minute mark, “I think it’s the most balanced of the three. It’s where we are introduced to the notion of the fellowship, where we see them before they break off as a unit working together for the ultimate goal of destroying the ring. We spend time initially in Hobbiton, there’s a beautiful prologue that introduces us to the history of the ring. It’s just the most evenly balanced film. It’s an introduction to all these characters, we fall in love with the characters, and ultimately are taken on a much darker journey as the story progresses… This is the tightest, it’s the tightest of the three. It’s the one that works as a complete film in its best form.”