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2. The movie was meant to be a lot gorier and have a lot more orcs dying in it. Director Peter Jackson was contractually obligated to deliver a PG-13 rating and he delivered it.
3. The actors who played Legolas and Gimli actually complained that "75% of their stunts" (they did their own, for the most part) didn't make it into the film. The fight scenes were cut A LOT to manage a PG-13 rating, as was all of the blood. Those who observed that in Gandalf vs. Saruman, for some reason a lot of blood just instantly appears on their foreheads would be correct in guessing that even that fight scene was cut quite a lot.
4. Rumors now swirl that the DVD will include a lot of cut scenes, and depending on the source people have claimed between 40 minutes and 1 hour 30 minutes (!!) of stuff is missing and may be restored. Among these is enormous swaths of character development, especially between Legolas and Gimli, who of course become close friends in the books. A lot of Lothlorien stuff was cut, as it turns out.
5. There are also rumors that the "Director's Cut" DVD will indeed gain an "R" rating, or even be "Unrated" to restore the blood and gore.
6. FotR was originally going to be cut to 2 hours 30 minutes or even shorter. Director Peter Jackson threatened to walk out on the project, and he got 3 hours. There are rumors that New Line Cinema was impressed by the success of FotR and may accede to Jackson's requests that TTT and RotK will indeed be able to be 3 hours 30 minutes or even longer. However, the PG-13 rating is binding, so no blood and gore until (maybe) the DVD releases of TTT and RotK.