Actually, I am of the opinion that LotR cannot be properly (read: entirely, accurately) appreciated without a solid knowledge of
The Silmarillion and the other material. LotR is an amazing story in and of itself, one of the finest fantasy tales ever spun, without a doubt. But it is only the tip, the very tip, of the iceberg that is Tolkien's extended mythology, and like an iceberg, you cannot possibly imagine the grandeur and size and power of the whole if you've only seen the tip. Things like Aragorn's relationship with Arwen, the nature of Gandalf and Saruman, the true stature of the Elves, and the overall point of the story are revealed only by the larger context in which it is set.
Oh, and I agree that the movie is fabulous, a work of art. Too bad it should never, ever have been made in the first place.
