[i]The Fellowship of the Ring. I love all the LOTR movies, but Fellowship is the only one that feels like a complete film. I can watch it without having to watch the other 2, but I can't say the same about the other 2 films.
The Hobbit films feel a bit unnecessary. I don't hate them, but I do wonder why they exist.[/i]
I haven't seen any of the good cuts of the originals in a very long time so I can't say.
My favourite scene is the one where Pippin sings to King Denethor though, I like the contrast of it, and iirc that wasn't in the book when I read it so for original content it was great.