Though I think Peter Jackson's trilogy (a masterpiece itself) is still the greatest adaptation of Tolkien's work, I find this version pretty interesting. Mainly because of the excellent use of rotoscope animation which creates beautiful, colorful and trippy scenes. Sometimes, everything turns to red for no reason. It has the characters and plot of "The Lord of the Rings" but I do feel that its true heart is missing.
Apart from being heavily unfinished and unarguably underdone in parts (though that may just be the inevitable subconscious comparisons to the modern versions) , this pre-Jackson adaptation is actually incredibly well animated and captivating. Though one does wonder whether Aragorn was initially written as a native American. 3.5/5
A whole new level of audiovisual torture. Just from an animation standpoint, corners seem to have been cut at every available opportunity, as if they were drastically overstepping the limits of what could be achieved and panicked as the money ran out. Oddly, the sound mix is as ugly and drab as the colour palette; so just listen to the BBC's classic radio dramatisation produced around the same time instead.
Peter Jackson's epic trilogy will probably remain the definitive film adaptation of Tolkien's opus, but Bakshi's ambitious, if not completely successful, attempt is still worth a look. It does a good job of summarizing 'Fellowship of the Rings', but isn't as adept with 'Two Towers', when the plot gets incredibly muddled. But the animation is well-crafted, and the film retains a compelling atmosphere throughout.