It sounds like they're just talking about a theatrical release of the extended versions that have been around since the original DVD/Blu-ray releases. Each extended movie comes in two parts, making three long movies into six average ones.
The thing I found surprising is that I actually prefer them. There was a lot of good material that just didn't fit, even with the long theatrical cuts. It's worth watching the longer versions.
If you avoid watching the Hobbit again, it will save you more than enough time to watch the extended Lord of the Rings, and you will come out ahead.