I loved it.
Yes, there were many technical problems, but overall, I ended up enjoying this flick a heck of a lot more than I thought I would.
When I heard Peter Jackson had taken the reins, I really didn't expect much, despite the fantastic job he did with LoTR. After all, King Kong's story is old, (now) cliched, and has been done to death in numerous incarnations, spinoffs, and exploitations. King Kong's story just didn't have the depth of the LoTR world. I figured even Peter Jackson could only do so much to rehash an overused plotline.
I was dead wrong.
CGI New York and Skull Island - Very good. Not perfect, but definitely believable. And creepy.
Naomi Watts - physically, she's attractive, but just that - attractive. Not a raving beauty, not a drop-dead gorgeous babe, but just (in this movie at least) an attractive, wholesome-looking girl. She was perfect for the character of Ann Darrow. She played her part perfectly, and it was easy to see why Kong fell for her (pun intended). I don't remember much about the original Kong, but I believe Watts's character had a LOT more depth than Fay Wray's. There was something absolutely beautiful about the relationship between Darrow and Kong.
Kong - CGI Kong was quite impressive, as expected. I did expect to see a bit more blood on his fur though. It's kind of like the animators forgot that he was supposed to be injured (bitten, shot) during the movie. I couldn't help wondering why he didn't smell bad (he doesn't bathe, does he?).
Jack Black - I haven't really seen much of Black's work, but he was okay for this movie. And, as pointed out previously, the last line of this remake, WAS the last line of the original. Cheesy? Maybe, but absolutely necessary as a tie-in to the original.
PJ paid great homage to the original Kong, just as he did with LoTR. Can't wait for The Hobbit!