I've done both, but I prefer the extended editions for LotR. I actually don't love the Hobbit extended--it was like, the production company was all 'hey we had three movies for the first set, we need three for this one' but obviously source material was one book so it forced Jackson to spend WAY too much time on things/create new scenes entirely. I'm not a purist, there are a lot of changes that can and should be made to the books as they translate to screen, but I felt like for this it was obvious.