My cutlist for FOTR is light, and removes extraneous Aragorn scenes, as it really should be Frodo’s story. In particular:
-Remove the Midgewater Marshes scene and Aragorn’s song, since it doesn’t move the story along and is one of the rare places where the exposition seems forced.
-Remove Gilraen’s Memorial, since it focuses unnecessarily on Aragorn. Also, a nitpick: his hair makes him look like Medieval Jesus.
-Return the Pass of Caradhras to the Theatrical version, since the added shots are unnecessary and look out of place.
-Remove The Great River, with Boromir and Aragorn arguing. The story should be rushing towards a conclusion, not stopping for a nap.

Other than that, perhaps there are a few scenes with only an added shot or two that would benefit from a cut.