I think that LotR is not entirely meant for the very young...the movies are very violent and in places very scarry, and in other places, very disturbing, and when I have kids, I don't think I'll want them to have to watch that until they're about ten.
As for the books...well, as soon as my kids are old enough to comprehend it, I'll be reading The Hobbit to them. I don't know when I'll allow the LotR to be introduced.
I myself was not really 'hindered' when I wanted to read it. My older brother read The Hobbit allowed to the family when I was, oh, maybe 8. Then sometime later it was read out loud again, I believe. In the mean time, I saw pictures that my brother drew or that he pulled up on the internet - illustrations for the LotR, and although I thought the pictures were neat, I never thought to pick up the books.
(A bit off topic, but it's a story somewhat related -
I still remember looking at a picture of the Balrog and Gandalf on the bridge. I believe it was by John Howe - a fantastic painting. I leant over my brother's chair and stared at the detail. "Who's he?" I asked, pointing at Gandalf. My brother explained. "And that?" "That's a demon of Morgoth." No idea who Morgoth was, but that was a fair answer. "Did he win? Gandalf?" "Won't tell you!" And I don't believe I found out until I read the books....)
Anyway, when I finally picked up the books to read I was twelve, I think, and no one stopped me.
-- Folwren