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http://www.thedigitalbits.com/reviewshd/bdreviews032310.html#lor
The third thing you should know about this Blu-ray release, is that the A/V presentation quality is very, very good. The films are presented in full 1080p video (using the VC-1 codec), in the original 2.35:1 scope aspect ratio. To my eye, Fellowship isn't quite as crisp and detailed looking as the other two films, though I suspect this is less a BD mastering issue and has more to do with the film's actual post-production. Fellowship was completed first, on a tighter budget, and I recall from the theatres that there were shots here and there that looked a little more digital than the rest. The transfer is still very good - fear not. It's just that Two Towers and Return of the King are absolutely fantastic, with abundant detail and crisp, refined textures. Color and contrast is outstanding on all three. There's a little tiny bit of DNR applied here and there, as there is on almost every film these days, but I don't find it to be an issue quality-wise.
Hmm...