OK, first of all I know some folk love this and I'm not saying they shouldn't. Everyone has different tastes.
I read this on my second attempt. I tried first when I was in my teens and found it dull, I gave up around page 100 or so. I finally read it years back in my early 30s, but although it was still dull I gave it the benefit of the doubt and finished it. My opinion changed from dull to dull and not that big a deal.
It seems to be full of: long descriptions of folk walking about (dull); elf poetry (dull); pantomime style bad guys (yawn); hobbits (oh, they irritate me...).
Again I say it wasn't for me. I'm treading carefully here as I realise some folk are fairly into JRRT, learning elfish (elvan?), memorising family trees etc. If you're a JRRT fanboy please re-read this paragraph before replying, I'm not trying to insult you (unless you can actually translate this into dwarf runes), merely aknowledge that these books can encourage a level of evangelical response that I recognise but don't personnaly get.
Before coming to this I had been exposed to faster paced fantasy tales from the early 20th cent. and as a result found JRRT slow, very slow. Also I'd read many of the sources he draws from so found the world derivative at times.
Having said that, I think that if you like big wordy novels and haven't read any other fantasy this may be the thing for you.
And before anyone suggests re-reading LOTR, life's too short...I have other books to read...even other books (that I enjoyed the first time) to re-read.
In summary: I found LOTR dull, dull, dull.