Custardo and Vampireswalkin - you're not boys/nerds either, are you?
Kickassangel - I think those other, earlier types of fantasy are more like proto-fantasy. There's a difference between them and what follows Tolkien.
I think the significant thing that Tolkien does, and I think this is what's at the heart of his meme-appeal, is that he spends soooo much time on his alt-universe. The architecture of it (just take the whole elf thing, for example,) is just on a whole other level.
And I think that is the significant feature of Tolkien.
And I think it's one of the absolutely fascinating things about video games. I remember reading something in a cyber-punk novel, where the hero is in a VR world and experiences a sense of frustration when the edge of the imaginary world comes into view.
There's something of that in Tolkien; it offers this amazing virtual creation, which is a very highly-crafted, artificial pleasure (the pleasure of all reading perhaps, but taken to the nth degree,) and then there's this sense of loss when the edge of the world comes in sight.
(Hmmm - maybe some link here between the end of the book and the voyage of the elves?)