Agreed with the level of quality in regards to the audio file improvements with Dolby Atmos and Dolby Vision (though some altered and missing sound effects where lost during the process), there is new detail in wide shots which where not as visible before, but there is also missing bit and pieces which impact the overall feel of the image (Waxy and ultra crisp back around and close-ups). With the colour grading much of the memorial scenes where deliberately changed for cohesion and congruence with the Hobbit, other decisions do rely more on preference.

The truth is that a raw 4K scan according to informants was accomplished for the Panasonic 35mm celluloid film, but the post-processing and meddling of the work was so baldly upgraded that is falls short in what it could have been released in the year 2020. To show off other examples in which our Peter Jackson and team was meddled with 35mm film specifically, you may watch They Shall not Grow Old (https://www.imdb.com/title/tt7905466/) or Get Back (https://www.imdb.com/title/tt9735318/)

The Hobbit had a bit of grain in the lower number as digital cameras, and yet it was heavily DNR, I recommend you give them a watch. 😃