Dante said:having just watched the fellowship and two towers again, i do think that the two towers has the better fight sequence, but the first half of the moive is just building up to it, and the ENTS where built up, but not much really happened at Isengard. Whereas with the fellowship at least there si a lot of necceasry character development, and the hobbiton sequence does help to make the black rider bit much more sinister.
I think that in the cinema versions, y ou are indeed correct, but in the EEs, the Two Towers is the best of the three; it was the one that benefited the most from an extended cut.