Fellowship could look better.
I've owned this Blu-ray since last summer but I just got my extended edition Blu-ray, and after watching Fellowship on it, I can safely say the transfer on this edition is terrible! Colours look flat, skin colour looks grey and the whole picture suffers from noise throughout. The other two films look and soud great and are demo quality, but if you want a real HD transfer of FOTR splash out the extra cash for the Extended edition.
I promise. You won't regret it!