I didn't say the film lacked emotion, but rather the films' achievments were visual (and technical) rather than emotional. If great films were determined soley by visual (and technical) impacts, then the Star Wars I and II (the prequils) would be listed near the top of anyone's list. Thankfully they aren't. That's because great films are determined more by their emotional power than their look (although look and visual style certainly can play on one's emotions). While Tolkin's LOTR packs a lot of emotion into it's three volumes, the films fall way short. But anytime you try to cram 3 massive books into a 380 page script, a lot will be lost.
Jackson stuck faithfully to Tolkin (much like Columbus did with Harry Potter 1&2) but that task is virtually impossible to pull off. Granted, Jackson did a stellar job, yet the film doesn't truly connect on an emotional level with a number of important characters because the narrative isn't focused.
There are two choices when you adapt someone else's work. Either you do it faithfully (word for word almost) or you take the major themes and work within those. Going back to the Harry Potter example, Columbus took Jackson's route while Cuaron (who directed Harry Potter 3) lopped off much of the book and focused on the main theme of the transition from childhood to adolesence. In the end, Cuaron's work was far superior to Columbus's first two films because the narrative was focused which created a far more powerful emotional punch.
Don't get me wrong now, I am not in any way trying to compair Harry Potter to LOTR. LOTR is far superior to HP. Yet the films are far from perfect because Jackson took the route of Columbus rather than Cuaron. But he did it out of love for the source material and millions love the result. I do too, just not enough to consider it a top 25 movie let alone the greatest thing ever put on celluloid. You know what I'm saying?