I disagree. I think we were 'wowed' by the first movie and expected to be even more 'wowed' by 2 and 3. If you saw the third movie first, you'd think 1 and 2 were nowhere as good.......whoa....I'm confusing myself!!
The Lord of the Rings movies make 85% of all other movies look like crap. Each one was near flawless. Third one was the best, which is how it should be, as it is the climax of the trilogy and what the first two are leading up to. No other trilogy touches it.
That being said, all the Harry Potter movies are overated and awful.