I have to say this is my favourite adaptation of LotR by far. Recently I found this
review
One thing the radio series does supremely is disprove the movie scriptwriter's points that a character like Faramir cannot be dramatised believeably. In the radio adaptation he works perfectly & is convincing.
As to dramatisation of 'undramatisable' characters, Brian Sibley (one of the two adaptors of the radio series along with Michael Bakewell) also adapted the Tom Bombadil/Barrow Downs episode very well for his 'Tales from the Perilous Realm' radio series (also available on CD) & shows how that episode can be done effectively.
Anyone wanting some background on the Radio LotR might be interested in Sibley's account
here
Don't know if anyone would be interested in a proper discussion of the radio adaptations of LotR, TftPR or The Hobbit? One interesting point is that Christopher Tolkien actually supplied a cassette of pronunciations for the cast of LotR, so it seems he wasn't always opposed to dramatisations of his father's work.