I think what he was saying was that there is a new version of Fellowship Of The Ring that has 45 minutes worth of footage that didn't make it into the theatrical release (What we saw in the theatres).
This extra footage is oft gruesome and will push the film's rating as realeased, well into the "R" Catageory.
I CANT WAIT. Watching the flick again here on the computer...
Some of the scense from Two Towers looks just awesome. All the arrows, huge armies, huge landscapes... Can't wait!