I Like Lord of the Rings (I have read the book literally hundreds of times), and I enjoy The Hobbit, although it is not a great book. The Hobbit, however should make a much better movie. There are large parts that can be cut out, compressing the story so that it will fit well on the silver screen.
I was very angry when I saw how the first LOTR movie butchered the book, so I never watched the other movies. I might like to see The Hobbit.