Have previewed the theatrical cut of Fellowship in 4K across a few different displays: an HDR TV set, a P3 capable iMac, and our BenQ projector (1080p). All three looks very good, and certainly filmic. There is certainly some DNR going on but I feel like it’s always been there, even when I projected it in 35mm.
Projecting it looks terrific after tweaking our SDR projector to handle the incoming image. I’m sure it could improve with some more work. That setup is using an Nvidia Shield with Kodi to the Benq.
I may have to grab the whole set now if this one is any preview of the rest of them. Fellowship to me was the most important because both Blu-ray releases were very flawed, while TTT and ROTK looked terrific. I’ve even sync’d the theatrical DTS of Fellowship to it. Well, it matches the sync I did with the Blu-ray almost perfectly. Looking forward to watching the whole thing!
EDIT: I forgot to mention…the bigger or closer you view this thing, the better it is. I can see why some reviewers weren’t happy. They’re likely sitting too far away to observe the grain as it is very very fine. On the iMac and the projector, you can see it clear as day. Not so much on the TV from across the room.