My wife and I bought this set a week ago, and as total movie geeks, we were extremely impressed. As expected, picture quality was amazing. We saw so many details we missed in standard-definition viewings. As has been stated in other reviews, yes - these are the theatrical versions. But we're both huge fans of the series and of Blu-ray, so we couldn't pass up the opportunity to visit Middle-Earth in high-defintion. Also, the special features are very lacking, especially considering they're not in HD. Overall, this set is worth every penny. If you would rather wait for the extended versions, then wait. But if you're like us and want to experience the journey to Mt. Doom in high-def, I definitely recommend buying the theatrical version of Lord of the Rings on Blu-Ray.