Well, this is my take on the patches.
The movies, though still not up to par in some instances, are vastly improved over the originals. The transitions betweent he game and the movies have been improved, especially if you were running the game in a high resolution.
The music, while the imrpovement is subtle, is noticable if you have an ear for such things. If you have DSL or braodband the download is definitely worth it. If you are still in the stone age and are using dial up then the old version is still good enough to get by on. The downloads are worth spending an hour on downloading, but that is about it.
For the most part it is too little too late in the case of KotOR 2 but if you are new to the game or want to give it a second go and have DSL/Broadband then download the media patch. Hope that helps, M-man. :D