I have all the extended cut DVDs, which are great if you watch them in episodic chunks, but there is no way that I would ever find time to watch any of them from beginning to end in one sitting.
I am looking forward to an approach to the creatures of Middle Earth that is (hopefully) a bit less "SCARY MONSTER!!!" than P. Jackson's. I liked his visual style, but he did ramp things up somewhat in order to demonstrate threat. For instance, in the books, the Orcs are smaller and weaker than humans, and are demonstrably intelligent beings. Jackson turned the majority of the Uruk Hai into roaring, braying, 6" + Predator-creatures, however. His Wargs were more like hairy Rhinos, also. I hope we see the Goblins of "The Hobbit" being Goblinish- wiry and sneaky, cruel and sardonic. I like the idea of the Goblins of the Misty Mountains being quite militarily basic, as well; carrying old scimitars and hide shields, and wearing cloth and furs. The iron plate and leather armour of Jackson's Moria Orcs seemed a little advanced, to me.