I liked King Kong quite a bit, and I'll say that the special effects of Kong's face are the best I've ever seen. But in most of the action scenes, I thought the effects were a notch below Lord of the Rings. The dinosaur chase scene I thought was really poor, with no real sense that the actors and dinosaurs were in the same space.
Oh, and Kong can handle three T. Rex but can be brought down by a couple of grappling hooks? Puh-lease.