Tastes have evolved since LOTR, but there's no denying the influence it has had on the genre. It certainly stands the test of time, and has set a high water mark for the same subtype of fantasy (never know if it's epic or high).
Personally, I plowed through the books at an early enough age that I didn't find too much to be off. Thinking back now, I easily place it above what else I thought was good at the time (Jordan, Weis & Hickman). As far as ranking today, I'd still recommend to anyone that hasn't yet tried it - it's a great entry into the genre.
I know some people can complain that they don't enjoy elves and magic, and, for the most part, neither do I. Then I come across books like Jonathan Strange and Mr Norrell - full of faeries and magic, but in a fresh original way. I guess if there's finite time to read in ones life, this would be a series I'd at least try (and skip any chapter with Tom Bombadil).