I got my bluray copy of LOTR EE and I watched a few scenes. As expected, since this is bluray, there's a lot more detail in the picture, deeper blacks, sharper picture, higher contrast ratio.
I checked out the scene in FOTR when Gandalf visits the hobbit village and sure enough, the grass looks "neon green". Doesn't look natural at all. However, based on what I've read, Peter Jackson says that is what he originally intended so maybe that's fine.
To my ears, sq has also improved. Similar to pq, you can now hear a lot more fine detail.
I still have to watch the full films but so far, my impression is favorable.