Watcher the extended editions recently.
They are better, just as the LotR EEs. I'm all in favour of doing these for movies as they encapsulate the full author vision.
That being said, Hobbit is still a pretty mediocre trilogy. These movies aren't BAD. There are much worse things to experience in the cinema or on your tv, but they are still a serious letdown, unfocused, forgettable and boring. EEs don't fix any of that.
The only issue that EEs solve just a bit is more dwarf exposition. Hobbit severely lacks inter-character banter which would flesh out the personality of each dwarf. We get a bit more singing, a bit more exposition here and there for Bombur and other dwarfs which is nice. That being said, I still can't remember who is Gimli's father (his only scene is literally saying to Legolas that Gimli is his son), and other dwarfs never being more than a gimmick (fat, hearing-impaired,funny hat etc.). Yes, the books don't flesh out the dwarves either, but then make the movie shorter so it wouldn't matter.
The Kili and Toruviel romance is still utter shlock and I can't believe it's in the movie. Everything about it is wrong.
CGI was never the problem. What they did with it is. Most action scenes are completely ignoring the laws of physics, and there's no tension throughout any of the three movies. This is what makes The Hobbit trilogy so disappointing. The EE Legolas on bat scene just cements the utter riddiculousness of the whole endeavor.
Remember when Legolas took on a mumakil in Return of the King? It was a goofy scene, but:
1. The battle was won anyway.
2. It was one goofy scene in the whole movie.
3. It was designed to break the constant tension.
In The Hobbit every scene is like that. Dwarves falls into pits that cannot be survived, crushed by ogres, get shot with arrows that all magically hit the ladder that they are holding etc etc. I don't care whether orcs, wolves, even molten gold are CGI, it wouldn't matter if it was used wisely. And it's not.
I get that the Hobbit is "lighter" and "for children", but you can't shove it into the same universe as LotR especially since the book, while for children was scarce on details and you could imagine things, here it's all over-the-top.
Worst thing: if you watch the Hobbit and then LotR, Legolas is totally ruined. I think the only way that Orlando Bloom agreed to his role was: "I have to be superman" - "No problem, you will murder hundreds of orcs (Helm's Deep crying in the corner), fly bats and defy laws of gravity".
Pluses: EEs add some characterisation, movies look and sound good - duh.