Hell no!
Although I will freely admit that the movie could have been perfect if it was 20-30min shorter. But alas, what do you cut lol? So many scenes are just great.
-Cut the dinosaur chase. Ok, that's reasonable; of course then the camera man would have to die differently
-Cut
some of the storylines from their journey to the island. Maybe cut out many parts of the love scenes and just have the love story progress through the entire movie.
-Make Naomi Watts agree to Jack Black's offer faster, and cut out much of the diner scene. It would be more realistic for her to quickly accept his terms since she was poor as shit
-Cut out all the repetitive "King Kong carries Ann, they have a romantic moment, then he gets shot out of nowhere, runs away with Ann, has another romantic moment, gets shot again....etc" crap. Maybe get rid of that ice skating scene, or keep it but get rid of all the other repetitive scenes. In short, Kong should have gotten on top of the Empire State building much faster
What else? Contrary to many people's opinion, I loved all the characters added to the movie. It make it fun, and watching it I kept hoping certain characters wouldn't die. The black guy was pretty awesome IMO, although I can easily see why many people hated his Southpark-esque moral rants ("It's not about winning or losing Jimmy!")

I swear, King Kong was perhaps the most
fun action/adventure movie since The Mummy for me, which at the time was the most fun action/adventure movie since Jurassik Park. Or something like that.
I know everyone will laugh at me, but I really liked the movie. And like I said, it would have been perfect if it was shorter