|Lord of the Rings: The Fellowship of the Ring: Special Extended Edition||R1|
As of January this year, a friend of mine who lives in the USA had sent me a copy of the Region 1 boxed set, and I have had the opportunity to compare the two versions a number of times.
Although the Region 4 version has a very smooth, pleasant-looking transfer without the jerky motion that is inherent in NTSC representations of films, the Region 1 version is, in my experience, a much more pleasant view simply because the audio has not been tampered with. It is also worth noting that the artificial sharpening present in the Region 1 version of the theatrical DVD does not appear to be as big an issue in this case (perhaps someone sent New Line a bad review).
As much as it pains me to say it, the Region 1 Gift Set is by far the better choice. It also represents better value for money.