I would say it's slower in pace compared to the other two. Fellowship introduces your main characters, sets up your story, and gives you a quick history lesson in recent Middle Earth happenings related to the Ring. Other than Moria, there really aren't any big battle scenes, and this one is small compared to the others in the movie (Helm's Deep, Pelennor Fields). There is a lot of repeating, since it does involve a lot of walking/travel scenes. It's about them getting from the Shire to Parth Galen where the Fellowship then splits.
Compared to the book though, it does seem to move a lot faster. They cut out a lot of the slower parts in the book (the selling of Bag End and the move to Crickhollow, the sighting of Elves in the Shire, the Old Forest and Tom Bombadil, Barrow Downs, etc.).