The following is from bikkit.com and should be classified as a RUMOR only.

(ROTK) is indeed, far and way better than both Fellowship and Two Towers. It was a 4 hour, 20 minute cut of the film. Feeling that he has proven audiences will gladly sit for 3 hours of quality cinema, Peter Jackson will try to leave the film's 1/6 of a day total time as is.