I'm inclined to agree actually. I didn't watch either this year, but I followed along online through the last few awards. I was really hoping it wouldn't win Best Picture, mostly because it was my opinion that if it did, it was winning on the strength of the trilogy as a whole, and not on the merits of the thrid installment.
It is entirely telling (imo), that it was up for no acting awards. Not one. And yet it ties Gigi (I believe) for the most statues and takes Best Picture? I don't know, I feel a bit about it all like I do about the Pro Bowl. Which is to say that it lacks a certain amount of integrity, which dilutes my interest.
I think those movies has a large fanbase of people whose fanatacism for all things 'Middle Earth' clouds their objectivity. But I do have to be honest that I have some unexplainable hard-wired aversion to anything that gets overhyped. It took me 3 years to ride out the aversion to watching Forrest Gump that I built up because of how people were gushing about it. Another example is a recent bok called The DaVinci Code. I was entirely interested in reading it right up until I had at least a dozen people send me emails gushing about it telling me it was a must-read. Eh, maybe it is, but now it's at the bottom of what is a large pile of things I want to read.
So I'll admit to having that little quirk. And admit that some of that affects how I view the trilogy because of the overwhelming fanaticism (particularly online - at imdb example, two of the movies are in the top 5 all-time 'best movies ever' list). But all that aside, I think 11 Oscars to a movie like that in a field that included films like Mystic River and Lost in Translation... Well, I'm just not buying it really. But that's just my perspective.