As other reviewers have mentioned, this is aimed squarely at the hardcore Decemberists completist, and yes, in the back of my mind there is a slight feeling of being short-changed having bought 'The King is Dead' and then being asked to fork out again for an addendum of varying quality.
I came somewhat late to the Decemberists' party, and possess only 'Picaresque' and 'The King is Dead' in my collection. In both cases, I can say that I find the songs divided squarely into two contrasting camps - ones I love to bits and play repeatedly, and the rest I am decidedly underwhelmed by. This EP seems the same to me - 'E.Watson', 'Burying Davy' and the Dead's 'Row Jimmy' are fantastic, whilst the remaining 3 would have been better left on the cutting room floor.
To be honest, I only bought this on the mp3 download version because I had a free Amazon code to use up, and I would hesitate to recommend it as a full-price purchase to any but the faithful. Then again, it's still head and shoulders above 90% of the dross that passes for music out there nowadays!