I’m very like you. Loved P/R and was a bit obsessed with them in the early days. I actually like a lot of Elegies…but after that it really did go downhill for me. It’s not that I am reticent to a band changing direction (Radiohead, anyone…?), but you’ve got to be just as good in your new guise.
However, I would very much commend The Christmas Tree Ship EP to you since, given what you’ve said already, I’m 100% sure you’ll like it. It’s beautiful. I still have my numbered CD copy, even though I haven’t listened to a CD in years and years. I don’t think I could part with that one…!