It is better balanced. The extra material fills out the characters and it actually feels shorter overall because it's better paced.
That's for the first film, which I think is most improved by the extended edition. For the other two, the director seemed to put stuff in for the fans regardless of whether it helped the movie, so the improvement is less.
I also like the first film most for other reasons. It has the best journey, in several senses of the word. We see a greater variety of locations, including The Shire (hobbits), Rivendell (elves), Lothlorien (different elves, and they are different), Moria (dwarves). We see Isengard before and after. It's also more of a journey into darkness, because it starts off bright and cheerful where the others start off dark.It has most of my favourite scenes.
I'm tempted to say the first film sticks closest to the book. OK, Bombadil goes and some characters are combined, but it works pretty well. It's mostly deletions rather than additions. The second film is almost a travesty for me because so much new is added, and the new is rarely as good as what Tolkien conceived.