Hello again littlelamb. It's been fun reading the pros and cons. And pointydog in particular did make me laugh.
It occurred to me that there is something to be said about "how" we read books, if you're to be "seduced" into reading LOTR.
For a start, I don't think it's going to matter, really, if you don't. Or if you decide you really can't bear the experience of reading it.
But, in the interests of seduction ... .
There are lots of diferent ways to read books. they're so fascinating, in that books tend to demand a different way of reading each one and tend to set things up to get you to read them in certain ways.
So "The Great Gatsby" is, I think, amazingly seductive; it allures with its beauty, it aims at seduction. You're never, really, going to get going on it unless you allow yourself to be at least a little seduced by the propensity of money to morally corrupt, to gild, to allure. You have to allow yourself to expereince the glamour of youth and beauty and wealth, and yet sense that there is an undertow of doubt. If you resist all that, you will really not be inclined to read on, or to feel the full effect of the ending, when it comes.
Similarly, with LOTR what you need most is time (as others on this thread have pointed out). I'm sure there's a really good reason why so many adolescents enjoy it, and it's not simply that its moral and character reach is not deep, even immature. I'm sure it's because they have so much time, so can really immerse themselves in the imaginitive experience. And they are also able to put aside demands for modern sexual politics and deeper insights, at least temporarily, just for the pleasure of the story-telling experience.
I think the way to read LOTR is actually quite innocently, in the same way I used to love "Noggin the Nog", and I think it would be sad to think there isn't a place in our reading experiences for such an important pleasure.
Now, if you're on mn, I suspect that you have (young?) dcs. So maybe now is, perhaps, not quite the right time for LOTR. Alice Munro, perhaps? Or Jamaica Kincaid?