Well, I got it for my birthday and watched through some of it already.
As with most movies filmed over 6 years ago, it was done on actual reels and not digital cameras. As such, the native resolution of film is not the same as 1080p but does contain much more detail than DVD resolution allows. So its not the same eye popping clarity you get with modern blu-rays such as Iron Man, Transformers, or Avatar. But if you are a movie nut like me, you will noticed a difference from the DVD (even upconverted).
The action and fast paced sequences show more detail. Also, the quality in general is better as there is next to no compression loss compared to DVD formatting. The picture is vibrant and crisp now, compared to some blurred edges on the original DVDs. The sound quality is still superb, I couldn't tell too much of a difference from the DVDs there but it seemed to be a bit clearer if anything (also from less compression). Unfortunately, the version on blu-ray are not the extended editions but thats fine with me.
Overall, it is a worthy purchase if you are a Tolkien fan like me and have a TV big enough to enjoy 1080p in all its glory. If you already own the DVDs and are happy with the quality, then stick to those.
As of this writing, I have 3 different copies of each DVD. The original release, the special edition release, and now the blu-ray release. I'll probably get the special edition blu-rays too if they ever release them.
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BlackNemesis13
1150 I am ***** but it's hard to pronounce, so you can call me Geno after the doll.
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If I ever get a Blu-Ray player, this will be my first blu-ray purchase! Assuming of course that the special edition blu-rays aren't out by then, in which case I'll just get those. I'm a huge Tolkien fan, and if I ever get an HDTV/Blu-Ray player, the main reason will be to can get a near theatrical experience with these movies again.