Awesomest release yet
As said before, the movies are split on 2 discs. I just don't see the issue here. When the first disc is over, get up, insert second disc, press play. I mean come on ! It's not that hard.
And i personally couldn't sit through a 4h25min movie without getting up, stretching my legs, walking around... So the intermission is actually welcome.
Plus you can have better image quality, better sound quality and many commentaries for each movies. So it's really not that big a deal (i seem to recall that the theatrical versions were on one disc and were crap 'cause too compressed).
The extended versions do add a lot to the movie as you discover things you wouldn't know if you only watch the theatrical version. Of course the most complete lotr experience is reading the books and maybe those new scenes will give you enough curiosity to cross the line (if you hadn't already).
Conclusion : Totally worth it ! Buy it now !!