With the Fellowship of the Ring, the movie was all about pacing and ensuring the audience is getting a general idea of what's happening in each timeframe. The opening starts off with story telling the audience what the 'Lord of the Rings' actually is (being the 'One Ring'), how it came to be and how it was triumphed by the freefolk of men and elves. This was done through visual imagery, narration and quite excellent cinematography.
Then it transitioned to a time where peace still remained potent after those events. It went slow with the movie giving viewers the opportunity to enjoy the scenery of The Shire, in which that gave Gandalf and Frodo the opportunity to small talk about Bilbo's past experiences (which is essentially lore building), while at the same time, they creep in some small details relevant to the main plot i.e. Bilbo's acts of weirdness
Essentially, the dialogue was well written to provide clear context for viewers to see a distinct correlation between the lore and the plot. In short, the stuff they said made sense (for the most part for some).
This formula was done throughout the movie, balancing out the fast-paced action moments with quiet moments in between, allowing plenty of opportunity for lore to jump into the movie and educate viewers with it. The Lord of the Rings films are fantastically made. Dare I say it's a masterpiece. With the Hobbit trilogy..... Well..... I'll save that for another conversation, eh?