Well, I love these movies. I read The Hobbit in 1969 as part of the required reading list prior to starting college, and fell in love with Tolkien's Middle Earth. I was very disappointed in the 1978 version which attempted to tell the entire story in two hours and used one of the worst examples of rotoscoping I've ever seen.
I think Peter Jackson did a superb job of re-creating Middle Earth. The cinematography was breathtaking, the score was magical and the acting (for the most part) was excellent. I think this trilogy was a wonderful testimony to the author and was as well done as anyone could possibly do it.
I bought the original theatrical releases when they came out and then the Extended versions, but I will not be buying this one. I'll wait for the Extended versions on Blu ray. If they never come out, so be it. My Blu ray player does a great job of upconverting what I have.