I'll agree that the Silmarillion in particular is very dry reading.
For those stubborn enough to make it through, you are rewarded by the rich tapestry of mythology and legend that Tolkien spent his life creating.
There are times in the book that are deeply moving--the tale of Beren and Luthien comes to mind--, parts where you want it to turn out right so bad and then hang your head when it doesn't (the tale of Turin is strong but all the way through you keep thinking "It Can't End This Way!!!" and it does), and parts that are very stirring (such as the story of Earendil).
The Hobbit I think works best when viewed as a children's story, although it shares the same deep foundation as the LOTR, and offers passing glances at some very deep water indeed, such as the animosity between Elves and Dwarves, the city of Gondolin, and of course the Ring itself.
The LOTR starts in the same tone--a children's story--but quickly "grows up" and moves from the light-hearted description of the Shire to the horror of the Barrow-downs and the Thing that lived in them.
I have read Tolkien's books many times, maybe too many, depending on who you ask!
, and each time I find some little tidbit, some connection or reference I have missed all the other times. I am working my way through the Silmarillion again now for about the tenth time; I have read LOTR probably 30 times since my first time through in 7th grade.
I always thought I was a bit peculiar for my extreme interest in his works; it has been gratifying to find out on the Internet that I am neither so unusual nor so extreme in my interest as I once believed.
And finally, I can't help but recommend Susan Cooper's "The Dark Is Rising" books--another set of books often thought of as "children's books" where the waters run very deep indeed.
Best wishes,
--James
http://www.flutesite.com