I have both of those "dollar store" Hobbit DVDs. They're about as good as you'd expect, possibly worse. And neither contains the missing sound effects.

I only spot-checked them, but the East West DVD appears to be the better of the two. It has poor image quality, a very basic menu, and only 3 chapters.

The Peter Pan/Parade DVD has absolutely horrendous image quality, a menu with only a single option ("play"), and has a bunch of cheap-looking video effects overlayed on the image--a "page turn" effect for one scene transition, that sort of thing.