The long wait is over, and the verdict is in: Peter Jackson's much-anticipated follow up to his epic "Lord of the Rings" film trilogy, "King Kong," can be summed up in one word ... awesome!

Jackson has not only managed, to stay faithful to the 1933 monster/love story created by maverick filmmaker Merian C. Cooper (with a few changes), but also topped himself in terms of masterful storytelling, mixed with awesome special effects action sequences and believable human characters.

This new "Kong" also erased memories of Dino DeLauurentiis' ponderous 1976 remake, which introduced future two-time Academy Award winner Jessica Lange to movie audiences, and a man-in-a-monkey suit (AA Winner, Rick Baker).

The new three-hour-and-seven-minute epic begins (and ends) in New York City, 1933, where wild-card maverick documentary filmmaker Carl Dehnam (Jack Black) searches for a female lead for his next film, after his original actress backs out. (This leads to an amusing in-joke which mentions both Fay Wray and director Merian C. Cooper.)

He "discovers" Ann Darrow (Naomi Watts, who resembles both of her predecessors, Wray and Lange), an out-of-work actress, when she is caught trying to steal an apple from a vendor (one of the many scenes recreated from the original), and offers her "...money, adventure and fame... ."

After running from the studio suits, who want to shut down production on his film, Dehnam embarks on his quest towards a mysterious uncharted island, on an old steamship, the "Venture," with his cast and crew.

After a long voyage, the adventurers arrive at their destination and immediately discover the ruins of an ancient civilization, sealed off from the rest of the island by a large wall, and littered with human skeletons, and a savage tribe, who later kidnaps Ann to become the bride of...KONG, a 25 foot gorilla who becomes immediately infatuated with his new bride.

Without going into the rest of the storyline, it is this reviewer's opinion that despite the length of the film, the new Kong is this year's most enjoyable movie going experience. In fact, the new version surpasses the 1933 original in many ways.

"King Kong" is worth every penny of it's reported $207 million budget. The CGI effects are almost flawless, especially in the sequence where Dehnam and others looking for Darrow and brontos are being chased by more carnivorous dinosaurs, as well as Kong's rampages through his jungle home and New York City.

Director Jackson also scores with the casting of Andy Serkis, previous seen as Gollum in LOTR, in dual roles. Serkis is first seen in human form, as the ship's one eyed cook "Lumpy;" and, in CGI form, as the very expressive title character.

In fact, Serkis' performance as Kong is so realistic, one can't help but to cheer him on as he fights dinosaurs, and biplanes atop of the newly built Empire State Building, as several audience members did during the screening this reviewer attended.

The other actors are well suited to their roles, especially Black, who plays the arrogant Denham at just the right level without going way over the top; and Watts, who is believable as Ann Darrow.

Other noteworthy performers come from Academy Award winner Adrien Brody (he who kissed Halle Berry) as Jack Driscoll, changed from the ship's first mate (as portrayed by Bruce Cabot) in the original to a playwright in this version; and young British actor Jamie Bell (Billy Elliott), as the ship's lookout (whose reading of Joseph Conrad's "Heart of Darkness" onboard the ship is pretty interesting).

The fine script by Jackson and his regular collaborators, Fran Walsh and Pippa Boyens is also a plus, as it frequently utilizes (James Creelman and Ruth Rose scripted) dialogue from the original film while adding a few new elements; as does the musical score by James Newton Howard, which also, in the scene where a captive Kong is displayed in a huge auditorium, uses excerpts from Max Steiner's score (which is considered by many film historians to be the first one created specifically for films).

If there is a downside to the film, this reviewer couldn't find one in the initial viewing. Needless to say, there will be repeated viewings.