I'm a huge Lord of the Rings fan. Loved the films to death at the time. Now, I am older, and able to look at them with a far more objective eye. They are certainly flawed (particuarly 2 and 3, for me), but they are still amazing, wonderful films made with true passion and imagination. I think they are probably the best fantasy films ever made, and certainly no other movie(s) since has matched the texture and believability of the giant-scale world they created (save for maybe Avatar, and on a world-building level and not a storytelling one).
I'm definitely looking forward to The Hobbit. I haven't been exactly chomping at the bit, for a few reasons - the story of the Hobbit is just smaller-scale in the writing, and also turning it into three movies has left me feeling a little anxious. But I'm still feeling pretty happy to return to Jackson's Middle Earth, and hoping to enjoy the movie.