I think this is one of the best Book-to-Movie translations I've seen. It's right up there with the Sorcerer's Stone in that it made an effort to include EVERYTHING and created a magical world. The pervasive blues and greys of Twilight were replaced by the lush color that Meyer so vividly describes. I even thought the 'voice' of Edward in Bella's head was done well, with ghost like apparitions of him.
Were there things excluded that I missed? Of course (Alice & Charlie's conversation when Alice returns, Alice & Bella's conversation on the plane, Edward & Bella's final conversation in her room (which is severely truncated), Bella's fight with Charlie). But many things were inserted elsewhere or even rewritten better (like Harry's heart attack). In truth, you'll always miss something but they left out nothing that was essential to the plot. They even went back and picked up the conversation that was skipped in the first film that was necessary plot exposition for this film, Carlisle's history.
Though I'm still not a huge Kristen Stewart fan, I think the rest of the movie brilliantly makes up for her. The only scene that was truly cringe worthy for me was her solo scene after Edward left her in the woods. (Interestingly enough, in one of her recent interviews Stewart claimed that this was her favorite book in the series because of the emotional gamut for the character of Bella; I found this amusing, because it certainly isn't portrayed on film. ~I have serious doubts that she will be able to pull off Breaking Dawn, the fourth and final film). However, she was the only dull spot in an otherwise sparkling film (pun intended) and even that was almost something to overlook.
I thoroughly enjoyed it ~even with a 'Team Jacob' teen sobbing behind me and a teen a few seats over, who had obviously never read the books, remarking loudly at each new development. I'd even go see it again in the theatres before it hits DVD ~which is already on my wish list... ok, well, at least signed up to be notified of when it becomes available to put on my wish list...
Final take: 4.75/5