Yep, the few ML figs my daughter has snagged are pretty floppy too -- red Elektra and movie DD.
I still have that Gimli for you if you want it Brian.
I'm going for the fast and easy collection with as little thought as possible with respect to LOTR Trilogy stuff.
Hobbits: There and Back Again set. Not the best necessarily of each figure, but once they clearance this it will be cheap.
Mouth of Sauron set: white Gandalf (already have the original grey version), decent Legolas and Aragorn figures, has a Gimli and you get the Mouth of Sauron figure with a horse. Cool.
Boromir to complete the Fellowship - for me the basic is fine - readily available and cheapish.
Elrond I'll wait for the robed version as per advice here. I picked up the original in Trilogy packaging and it sucked.
I have Arwen, Eowyn and Galadriel. Primarily for my daughter, when she's old enough to watch these movies. From watching ROTK the other night, that will be quite a while. Awfully scary stuff in there.
I have the king of the dead figure already and while it's nice, I thought the glow in the dark aspect sucked. It just didn't work that great, IMO. Cool figure though.
Ring Wraiths: Need 7 or so. Want to get one on horseback (Scott, can you send mine back

), will pick up the three pack, get the witch king version with the mace and then fill it out probably with a basic wraith or two.
Looking at around 20 figures. I think the only real reason for going through this is because the lack of SW product that I'll be actively hunting through the second half of the year. Barring an influx of Kubrick stuff, Marvel Legends, McFarlane stuff it could be a relatively cheap second half.