The Fellowship extended is my favorite of all of them. It makes a great film even better.
The thing with the FOTR EE that just kills it for me is that it takes a "perfect" movie and adds imperfections. Yes it adds some extra cool stuff, but it can't shake the taint of added flaws, and the theatrical edition, while not
literally perfect is just one of those movies where I basically have no issue with any scene for one single second of its three hour running time. And that is such a rare and amazing thing.
The EE isn't bad by any means but I've just got significant pet peeves with it:
1. Two opening narrators. To me the beginning loses some elegance having Galadriel and then Bilbo giving voice-overs. It was perfect the first time.
2. Sam's redundant awe about seeing elves. In the TE he got excited about Aragorn mentioning Rivendell because "we're going to see the elves!" And then when Arwen appears his awe struck whisper,
"She's an elf." But then the EE gives weird redundancy to those scenes by having Frodo and Sam spying on the departing wood elves. By the time Aragorn mentions them they're already old news. It's just very clear to me that whenever PJ realized he was going to cut the wood elf scene he arranged Sam's later scenes to imply that he had never seen them before. The extended version just adds weirdness to his reactions. "Wow, wood elves!" "Hear that Frodo, we're going to see the elves!" "She's an elf!" Too much. It reminds me of the extra Jabba scene in the ANH SE where he basically repeats Greedo's dialogue to Han Solo. Clearly the two scenes weren't meant to share the same movie.
3. Boromir. He had a real gradual succumbing to the Ring in the TE, beginning with mere surface comments at the Council of Elrond and then his slight pause when giving the Ring to Frodo on the mountain. A nice evolution. But in the EE he practically goes full Gollum right in front of everyone, and then they just carry on like nothing happened. I see him standing up and reaching for it and the sky going dark and all I can think of is, "Well he's obviously disqualified from the quest, wait they're TAKING him?" And then when he is overcome at the end of the movie it just seems like "duh, what'd you expect." I don't care if any of these scenes were in the book, it really calls the wisdom of the group into question the way they are presented in the extended film.
4. The dumb dialogue about the Mithril shirt. In the TE its this private gift from Bilbo to Frodo that shocks everyone. And then in the EE five minutes before Frodo's shirt is revealed Gandalf gives this long speech about an awesome Mithril shirt that Bilbo had and how cool it is. Then everyone sees Frodo wearing it and...they're still shocked. "Mithril...." Yeah, duh. Everyone was just talking about it.
5. A minor one but I really liked how Galadriel's elves first apprehended the companions in the TE. Gimli's "these woods are perilous" line was cool and I didn't like that it was deleted out of the EE.
Anyway the EE is still decent and when I saw it uninterrupted in the theater in late 2003 the extra length did make me feel like I'd endured that much more hardship with the Fellowship (in a good way) and that their road was that much more grueling. Some of the extra battle sequences and dialogue between Aragorn and Boromir was really great. But the overall quality of the film was so marred by the additions above that I really did feel like I was experiencing a SW SE film when watching it, as harsh as that sounds. For every good new thing there's a bad/irritating thing. The TE gives me nothing but good, for three hours straight.