Okay, there seems to be some confusion, lemme clear a few things up:
Both the theatrical and extended cuts of FOTR were incomplete DIs. TTT and ROTK, on the other hand, were complete DI jobs for - presumably - both the TE and the EE. In 2003, while finishing work on ROTK, Andrew Lesnie went back and finished the DI of FOTR. This is why WHV is making it so explicitly clear in their press release that FOTR EE will be a brand new transfer from the 2K files, so that people don't think they're just reusing the old hd master used for the EE dvd back in 2002.
As for the theatrical blu-rays from last year, I want to make it clear that the PQ issues had absolutely nothing to do with the DI process. Fellowship actually looks
worse than its hd broadcast in certain places due to horrendous applications of DNR (sorry WebEffect, but blu-ray.com didn't do their homework). Don't believe me? Feast your eyes on the first post in this thread and then follow the link to xylon's:
http://www.avsforum.com/avs-vb/showthread.php?t=1237167