This is a bit rambly, but bear with me. I am very much enamored with the Hobbits and the Shire. Though I prefer the theatrical release (the pacing in that version is perfect), Concerning Hobbits is a fantastic inclusion in the extended version and I love getting that extra time in the Shire. There is a feeling of quaint magic in that movie that isn't present in the other ones. I like that the film is told from the perspective of Hobbits. It makes the world outside the Shire that much more mysterious and foreboding, some of which I feel is lost when the Fellowship splits up. I think Gandalf the Grey is a vastly more interesting character than Gandalf the White. I personally find underground spaces incredibly fascinating, so everything in Moria is just incredible. That moment where they're surrounded by goblins and you hear the rumble of the Balrog, and the goblins flee and Gandalf is just, "Run." Ugh, its got a great sense of terror and is just perfect.