So I started watching The Hobbit Fan Edit; I'm about an hour in, but I have to sleep soon so I'll finish the rest later. It's pretty great so far.
The editing is pretty much on point; it feels smooth and seamless.
It's made me realize how much exposition is repeated and emphasized in the films and really how much excess fat PJ stuffed in. This guy does a pretty fantastic job of cutting out all that unnecessary foreshadowing of LOTR as well. For example, Radagast, Galadriel, and Saruman are completely removed, an edit which feels entirely invisible. Instead of old Bilbo's extensive monologue about Erebor, all of that is cut, and I noticed it's actually explained adequately in minor dialogue between Gandalf and Thorin. Balin's monologue about Thorin and the battle for Erebor is also removed, which is a nice omission, though I wonder if that cuts out too much exposition for later on in the story. Also, all that early Azog shit is completely cut out, thank fuck.
I mean, yeah, we can sit here and debate about the morality of fans editing films regardless of how terrible the theatrical releases were, but this is a really neatly executed concept.