I don't love him or hate him; the movie diminished his role a bit in its quest to give screentime to other things. (i.e. non Tolkienites crying, "Where'd all the elves go that were in the first movie? C'mon, I want more elves!")
He has some good moments near the beginning "Yes, Sam, I can smell it" and "You will lead us to the Black Gate" and that very well-done exchange between him and Sm’agol, which I think illustrated well, if in rather broad strokes for the benefit of less perceptive moviegoers, the rather complex relationship between Frodo and Sm’agol.
Unfortunely Peter Jackson's rule of thumb in the movies is to make everything ten times worse. Frodo's totally unconscious on the Flight to the Fords. Multiple Ringwraiths are galloping on his tail even in the Shire. ’omer, not Erkenbrand, is missing, along with most of the fighting force of Rohan. And here, Frodo's succombing to the Ring's infuence long before he does in the books, where ’ oh, I don't want to spoil it, but it's not until he gets into Mordor that he really starts changing.
This is a big problem since all of Frodo's scenes of leadership or strength in the first stage of his journey were cut. He comes out very passive. PJ's going to have to do a heck of a job with Shelob in ROTK to restore the casual audience's trust in Frodo that he's a remarkable and brave character. Dashing towards the Black Gate (trying to) was a start, and protecting Sam, and in fact the way he said "You will lead us to the Black Gate", but his scenes got overshadowed by the much more dramatic stuff happening in Rohan.
The other problem is that by undermining Aragorn (on the premise that the audience would not initially accept an utterly perfect, epic-heroic character) PJ had to spend lots of time this movie giving
him a makeover. All that death and rebirth stuff. We must hope he'll do the same for Frodo.
Summary: mixed feelings. He was all right. He could have been better.
[Edited on 20/4/2003 by Valedhelgwath]