05 is the worst of the Kong movies, mainly because it tries to do way too much. It tries to be epic, and because it tries to be epic it drags. DRAGS.
Watching through it, there is about an hour and a half that I would cut, mostly because it's not necessary for a movie like this. There was character development... but too much of it. There was plot, but too much of it.
If the movie was trimmed down with an eye to making it flow, it would have been decent. But instead they let it run too long with with not enough happening in it to be an exciting monster movie.
The result was kind of a drag.