A lot of people have expressed disappointment in this release due to the films being split over two discs each. I understand where they're coming from. I myself complained about this first, until I then realised that it's a good idea.
Yes, Blu-Ray holds a lot of memory, but with each film having two-discs, it gives even more space to make the quality even more impressive. After the Theatrical Blu-Ray release received such negative response, I believe the studio is making sure that doesn't happen again, and I agree with them.
The films: I think The Fellowship of the Ring is the best of the three, followed by The Two Towers, and The Return of the King. Not to say that the other two aren't bad -- they're not! They're incredible.
The trilogy is fantastic, and I cannot wait for this release. I previously owned the Extended Editions on DVD, and they were so much better than the Theatrical Films!