Continuity mistake: In the scene where after Peter gets his diploma and has a chat with Gwen, he is carrying a backpack on both shoulders. As the scene continues it switches to one shoulder then both several times. (00:15:50)
Revealing mistake: When Gandalf shakes Bilbo's hand it should be a lot bigger than his but it is the same. (02:25:26)
Factual error: The Mountain Dew logo seen in the stadium didn't come out until 1980, despite the film being set in 1973. The changes made in 1980 were subtle, but still distinct, especially the loss of the "wave" in the "D" and the smaller hole on the "a."