Personally I think the first is pretty ok, it's the 2nd and 3rd that kind of just go way off track.
I have the VCD of The Two Towers.. but I have it all on iTunes and, I may be wrong, but I feel they keep adding bits.
..the only change I think I would add to the originals is having the Mouth of Sauron scene replace the whole Sam & Rose bit.. it'd be fine to cut from Aragorn's coronation to the scene at Greyhaven and then to the end bit with Sam, Rose and the kids..