The High-Def digest review came out this week, the main issues seem to be with Fellowship as far as video goes, Two Towers and Return of the King score better but they're still not perfect, a lot of the complaints seem to be due to the HD presentation causing the SFX to seem weak. I can't say I'm actually that surprised, I saw FOTR in Screen 1 at the Odean, Greenwich, which is a massive screen and you clearly see lines between the effects, when Gandalf visits Bilbo at the start there's a clear delination between the two halves of the screen that the characters occupy.
On the upside the films get 4.5, 4.5 and 5/5 for the audio, which is apparently nearly perfect, particularly ROTK.
I'm waiting until the extended editions, regardless however.