It cuts to Gandalf drawing the Ring from a fire and Frodo reading the Rune inscription. Gandalf is saying "The Ring was forged by the Dark Lord Sauron in Mount Doom" then it shows Mount Doom in the distance and lava running through rock then Frodo says "He doesn't know where it is
does he Gandalf?Does he?" Gandalf looks extremely grim. Gandalf talks about how the Ring could destroy everyting etc. Then you see Frodo standing on a road looking puzzled as the leaves begin to blow away.

You see Elven Maidens running through the forest smiling. Then the council of Elrond where Frodo is standing at the middle and we see Boromir pleading to the council to use the Ring against the Dark Lord, he is then gruffly rebuked by Aragorn who I think says "NO! The Ring cannot be controlled!". We see Legolas saying "the Ring must be destroyed!" It shows the Fellowship walking along some pillar ruins in the distance.

The Mines of Moria sequence scared the crap out of me! We see the Fellowship walking along a wall in the caves.Then a heartbeat sound is made and they're all hiding behind rocks looking and you hear Frodo say to one of them "there's something down there!" We here a rasp then "Ssssss,my preciousssss"

Then the clips start coming really fast. Legolas flipping through the air. The doors to Balin's Tomb being banged open and Boromir holdding them. Saruman laying down then getting up with his hand outstretched. The Fellowship running like hell and from a corner you can see Orcs crawling straight down huge pillars coming to get them. you see Aragorn drawing his sword. The Nine Riders without their hoods on, they look pale white, kinda see through, and their wearing crowns on their heads.

You see the Fellowship crowded together with swords drawn as in the dark - you can barely see the Orcs surrounding them !Boromir almost falls off a cliff with fire beneath him.

Then Orcs, I think Uruk-Hai because it's daylight, running at the screen. You see the Dark Riders charging through the water, and Galadriel standing before Frodo with her eyes closed. There was so much happening so much it's hard to remember. You also see Aragorn and Arwen kissing.

Thanks toMaul for that!
And now for another review from SK:

-Opening aerial shot of a forested river valley (probably Anduin)
-Frodo slowly entering door to Bag End in darkness
-Gandalf spins him around, looking *extremely* wild-eyed, saying "Is it secret??? Is it safe???"; looked like they used a wide-angle lens on handheld camera to add to uneasy, scary shot - very strange
-Shots of hooded riders lifting their heads quickly, sniffing the air
-Various shots shown, as Gandalf's voice says: "This is the one ring, forged by the dark lord Sauron. Sauron needs only this ring to cover all the lands in a second darkness. He is seeking it.... seeking it, all his thought is bent on it."
Various shots: Gandalf and Frodo picking the ring out of the fireplace at Bag End, the ring being forged, Elves prancing through forest happily, horses and battles (Isildur?), vicious green-eyed Goblins/Orcs fighting armored men (in Ithilien possibly?), black riders, Frodo looking at the ring with engraved writing reflecting onto face (cool!), forested trail with swirling leaves moving towards Frodo (presumably in the Shire), black riders in darkness, then Frodo in Bag End, turning as he says, "No one knows it's here, do they?.... Do they, Gandalf?" - then riders breaking down and riding over a large door with horses
-Caption over dark forested mountain backround and a large "ONE" faded in the sky: ITS POWER CORRUPTS ALL WHO DESIRE IT
-Shots of the ring and Frodo in the circle at the Council at Rivendell, with Boromir saying, "The weapon of the enemy is a gift. Let us use it against
him!". To this Aragorn responds "You cannot wield it! None of us can."
-A terrific, completely believable shot of the hobbits standing in front of the rest of the party, about half their size but looking very normal. Then Legolas saying "The ring must be destroyed."
-Shots of Mordor and the metal being poured, then the same familiar shot of the orc armies marching, with Gandalf(?) saying: "It was made in the fires
of Mount Doom. Only there can it be unmade."
-Another caption over dark forested mountain background and a large "ONE" faded in the sky: ONLY ONE HAS THE WILL TO RESIST IT
-Shot of party marching over mountain with remnants of castle (Where is this? Looks cool, wherever it is!)
-Frodo with Galadriel saying "I know what I must do. But I'm afraid to do it." Then both of them closing their eyes and lowering their faces - presumably for Frodo to look into the Mirror of Galadriel
-Gandalf saying "One does not simply walk into Mordor!" as shots go by of what I think is the parting at Lothlorien and them starting down the river in swan boats. Then Galdalf leading them around dark passages (Moria? They must have backtracked) and Frodo responding "There is no other way."
-Another caption over dark forested mountain background: A FELLOWSHIP OF NINE MUST DESTROY IT
-Frodo looking up, scared - then Boromir leaning on a rock, with Aragorn moving behind his shoulder - then Frodo speaking to Gandalf, frightened: "There's something down there!" - then a shot of murky darkess in a cave, then a whispered: "My... Preciousssss!" followed by a gurgling "Gollum" sound
-Lots of shots now, hard to follow, with haunting music in background: Black riders, fireworks in the Shire, surrounded and fighting at Weathertop and
Moria, archers raising bows, collapsing bridge at Moria, Arwen chased across dry plains (surrounded by forest) by black riders, fireworks, battles, Gandalf hitting sword on bridge in Moria, Orcs climbing down pillars towards party in Moria, Aragorn and Arwen kissing, lots more fighting shots, reversed-image dark riders/kings - as Frodo saw them probably, more cool fighting shots, Saruman's white robe moving towards someone(Gandalf?), Frodo cringing, then him putting on the ring.
-Flash out to main caption: THE LORD OF THE RINGS, subtitled by THE FELLOWSHIP OF THE RING. Stays on this caption as audio continues: Aragorn saying, "You frightened?". Frodo responding, "Yes". Aragorn shooting back, "Not nearly frightened enough!"

All in all, very cool. Initial shots of Gandalf a little strange, seemed somewhat out-of-place, but rather Peter Jackson-ish though. Much darker, serious tone.