Well, we rented it last night, and it was
VERY good. Peter Jackson certainly did not dissapoint with this one.
I thought that the all of the prelude story made the rest of the story a bit more believable. And the design of the island was really quite stunning, as were the rest of the special effects.

I've never seen CGI look quite so real before.
But the Kong story-line itself has never really captured my imagination. And it was a little too preditable (not just the Kong part, but the Movie Cliche's in general that were stongly present all over the place).
My wife and I sometimes play a game when we watch a movie where we know that a lot of people will get killed, and try to predict which characters we think will live at the beginning. King Kong was far too easy to predict in this regard. Only one single character who we thought for sure was toast, lived through the movie, and nobody who we thought would survive, died. That is just a little too predictable in my book, and is probably the movies greatest failing.
However, overall, I really enjoyed it, but I think that my wife liked it even more than I did (the chick-flick appeal, I think). She definitely wants it now, so I'm pretty sure that it will be on our shelf after her next trip to Costco no matter what I say.