The good news is that THE LORD OF THE RINGS: THE MOTION PICTURE TRILOGY  is finally available on Blu-ray today (4/6/10) from Warner Home Video/New Line, showing off Weta Digital's Oscar-winning VFX along with all of the other brilliant technical attributes.
The other good news is that Warner Bros. Motion Picture Imaging (MPI) spent nearly 100 hours doing cleaning and color corrections requested by director Peter Jackson on the HD masters, and were approved by Jackson and cinematographer Andrew Lesnie. Audio is in dynamic DTS-HD MA 6.1.
The bad news is that 9-disc set is the theatrical edition only, which means you'll have to wait for the release of THE HOBBIT to pick up the extended editions.
And although the trilogy is presented in VC-1 encoded 1080p in the original aspect ratio of 2.4:1, apparently too much DNR (Digital Noise Reduction) has been applied to THE FELLOWSHIP OF THE RING, according to some reviewers. However, everyone agrees this is still superior to the previous SD release.
As for extras, they are ported over from the previous theatrical versions of the DVDS, with the exception of theatrical trailers upgraded to 1080p, the DVD-ROM features and three videogame trailers.