Hey Eldusto, I just watched the first part of your fan edit and just thought I'd write down some observations. First, I should tell you that I'm blind so I can't go into a review of the visual aspect, but the person who watched it with me told me the editing looked pretty professional, he didn't even realise where cuts were made.
Story-wise, I think this first part was most definitely a vast improvement. Everything goes so much faster, everything's so much more exciting! A long time ago, someone told me this trilogy was both horrible and full of potential. I didn't believe that last part, but thanks to your edit, I do now. You genuinely feel as if you're watching a film about a quest/adventure and not about... well, whatever impression the original trilogy left me with. Two things I didn't really like, however: the omission of the prologue and the Azog introduction. Yes, the prologue isn't really necessary, but it's just a nice introduction (not to mention the glorious music). Also, what I'm left with now is a really superficial animosity between Azog and Thorin. You have to explain why that Orc hates him so passionately. For musical reasons, I would also have preferred the entire eagle sequence.
Your music editing is mostly very good as well, except for two things. I wouldn't have cut Gollum kiling the goblin, and here it means that the 'history of the ring' music comes in really very abruptly. You might want to just add a little fade-in there because it sounds rather forced and unnatural now. Also, there's a rather awkward transition between the Erebor music and Overhill when Bilbo and co are leaving Rivendel. Again, some cross-fading would be all that's necessary here.
And finally, I'll leave you with a question: is this really your very final edition? Would you consider going back to this edit when the complete recordings are (hopefully) released in 5.1 surrround sound? I'll come back after part 2.
