I have downloaded all six 'books' and watched the first all the way through, and I have to say, I was quite impressed.
I have a few comments:
1. The intro is the only part not taken from the original films, and features Christopher Lee (I believe) reading the Ring-Verse.
2. The pacing was a bit strange, though I suppose it was mostly because I'm used to the normal versions.
3. It follows a narrative closer to the EE than the standard version.
4. I was quite surprised by how smoothly the music was cut, considering that a lot was taken out.
5. The whole thing has been cut down massively (considering it's from the EE) to about 7 and a half hours. Obviously there were some things they had to keep, such as Arwen taking Frodo to Rivendell, but it is definitely cut down a lot.
So basically, I enjoyed it and recommend it, and I'll just have to see how the others are.
For anyone who's interested,
this is the official page of the fan edit. It also tells you where you can download it from (I can't say here because I don't want to get the Barrow-Downs in trouble. While I'm sure most of us do have the EE, which makes it legal to download this version, if you don't it's not, so I'm not taking the risk on behalf of the Barrow-Downs).
So yeah, I'm giving it the thumbs up and I'd like to see what anyone else here thinks of it (If you get the time to watch it).