They shorter versions are tighter. Peter Jackson even thinks so which is why he chose to release those in theaters. The EEs were always meant to be fan-gravy (and don't get me wrong- I love fan-gravy like that!) and they are well done, but in filmmaking terms there is more in the EEs than *needs* to be there to tell the story.

PS: Did anyone else here other than myself go to the 'Trilogy Tuesday' showings of the LOTR trilogy? That was hands-down the most fun I've had a movie theater in YEARS. What a blast! AMC theaters went all out- ultra bargain snack prices, let us bring in pillows, blankets and the works AND they bought the entire theater pizza to eat between shows!! How cool is THAT???

CNN covers the trilogy (but not the show I was at here in Florida)