I saw Golden Compass Norther Lights on Friday.
Having read the books it was ofc a little disappointing (as all movies are compared to the books). That said, it was very well done and I still recommend it and I hope they make the other 2.
It's a bit of a paradox really; the book has been cut down so much that the story is difficult to follow if you haven't read the book first, but if you have read the book you will be disappointed at the amount cut out!
Still, it's no worse that the potter films in this respect.
XXXXX - It's no LOTR, but it probably cost a lot less.
P.S. I'm not surprised the yanks didn't like it much, as the trilogy dares to breach the subject of the church and its power.