I d/l'ed this version and have only seen 1/3 of it. I was able to watch despite the extreme compression simply because it's that good an edit. The compression/jerkiness makes it look like I'm watching it as part of an old PS1 video game, which actually gives it a neat kind of feel. Nonetheless, I am anxious to see a more "correctly" compressed version of this, as this is an excellent edit. In fact, I've joined this forum just so I could comment on what I've seen so far, because it's *that good*.
Let's start with some nitpicking: 1) On a DVD player, the bars above and below the menu turn *white* when viewed on a standard TV. Otherwise, the menu is excellent. 2) The fight between Gandalf and Saruman is gone...Saruman simply blasts Gandalf against a wall, up the tower, and that's it...which I have no prob with, but some people may feel makes Gandalf look weak, 3) Gandalf and the beast's fall after "you shall not pass" should perhaps be shorter, and cut sooner to the rest of the Fellowship leaving/Frodo crying out, etc (and minus the layering of the one dark shot over it).
Other than those three main things, I think we've got a winner. My friend the LOTR fanatic knew too much of what was taken out and was going apecrap, but for someone who has not seen the theatrical cuts in some time, I find it well done and easy to follow. Someone watching this without any knowledge of the other versions would not be confused. This may be a great way to introduce a lot of skeptics (with less time on their hands) to the LOTR saga. Anyway...I've not seen the whole thing yet, but once I do, I'll add more. Very good job so far, and I look forward to any upgrades.