It'd be cool to see a pro take a crack at it, as happened with Star Wars Episode I & II. Dunno if I trust a random fan enough to sit through four hours of sliced up Hobbit.
The pros that took cracks at Phantom Menace and Attack of the Clones did pretty shitty jobs though. None of the Phantom Edits are really good, and I don't just mean the movies quality didn't improve, I meant the actual editing itself was mediocre for the most part. Granted, they only had so much to work with, but a lot of those edits were absolutely about calling attention to themselves, like "hey! I'm FIXING THINGS NOW!"
This guy apparently did it in one weekend, which isn't the best indicator of quality, either.
But dude was first, and that's going to weigh more than a lot of other attempts, at least until this film gets its version of the superfan who recut Star Wars with his own homemade fx fixes.
I wonder if it'll be of the same quality as the de-specialized Star Wars edits?
Not a chance in hell. Although those aren't the best comparison points to use, as the despecialized editions are working from a locked edit, they're just cleaning up different sources to create a cohesive visual whole.
This is likely going to be the Tolkien-verse version of the Phantom Edit, with all the good & bad that entails.