Don't mind director's cut and special editions and all that sort of stuff. It generally just sparks discussion imo which is a good thing.
Recently watched this btw
http://definitivehobbitcut.tumblr.com/It's basically the three hobbit films cut into one to try to approximate the pacing and sense of the book.
It doesn't really work because obviously its almost impossible to recut something in a major manner and still try to maintain correct movie style pacing and flow without access to material that can ease the transitions or the original source filming.
But as a thought exercise its interesting, and I think the overall goal is often more correct than those hobbit movies. (Have only seen the first two. Will get around to the third but haven't seen it yet)
It's a tough thing to do and I sort of sympathize with Peter Jackson more than I did originally. Even beyond just the money motive, there is probably a great temptation to try to make the hobbit, this grand movie scale thing that foretells all that lord of the rings stuff and put your own stamp on it.
I don't think it works for the most part at least in the first two films (Peter Jackson movies I mean), but then I'm not the biggest Tolkien guy in the world so my opinion matters very little.