TLDR: If you want the absolute best version of FOTR visually, this is it I reckon and the best version to get overall if you’re not bothered about missing the extra content of the EE.
Watched the first half just now, and confirm this is probably the best that FOTR has ever looked, and likely ever will look for the foreseeable future!
The colors pop right out of the gate - it’s been so long since watching the theatrical cut that I didn’t actually remember a few of the small scene differences in the Shire, I only thought scenes had been cut, so it was a little jarring vs the Extended Edition and the film overall does feel a bit rushed 😃
Compared to the fantastic on-going work on DrDre’s 4k extended version (https://originaltrilogy.com/topic/Lord-of-the-Rings-The-Fellowship-of-the-Ring-Extended-Edition-4K-Dremastered/id/101208/page/1) - this release definitely has noticeable further detail because of less black crush of the source Blu-Ray compared to the EE Blu-Ray, and I preferred the more original colour palette on this version for some scenes (e.g. Bree/Prancing Pony, escaping the top of Orthanc Tower)
It’s also still missing the perfect level of grain (not DrDre’s fault, a result of the Blu-Ray)
I thought I’d prefer the more original yellow colours and bloom/saturation of Rivendell in this one but actually I think it’s just too much overall and the other versions have a small edge for me on these scenes with the slight tone down of the colour palette/effects at the council.
Once the second half of DrDre’s 4k Fellowship extended is released, I’ll be interested to see how that compares to the second half of this version, I’ll be keeping an eye on the colour palette for Misty Mountains/Caradhras where Frodo drops the ring in the snow & Lothlórien when the Fellowship meet Galadriel - these scenes really stand out for me when the colours are not quite right!