I think that the words "plausible" and "consistent" are most apt. The artifacts and knowledge that Tolkien presents to us in his works are, for the most part, both plausible ("I can see that.") and consistent ("It works that way every time.").
Take dragons - they can talk. The two that I've met, Glaurung and Smaug, both can talk and are beguiling. Glaurung seems to be much bigger than Smaug, and so tromps around whereas Smaug soars. Because of his bulkiness, Glaurung has to use bridges (like the one 'ordered' by Turin) to cross rivers. Smaug also wasn't big on swimming. Dragons may not exist in our time, but these examples from this sideways past are plausible and consistent with the reptiles that I see today (okay, gators and crocs like to swim, but...).
Take Sting. It glows when enemies are near. In another thread I considered how this could be possible, given today's technology. It does not, however, shoot flame - no matter how much that could have been useful to Sam in Cirith Ungol. Peter Jackson didn't even give the hobbit blade additional abilities (unlike Saruman's staff). However the elves made the knife, you learn what it can and cannot do, and to me that makes it more real.
Take hobbit origins. You get some hints regarding where they came from. More research doesn't yield many answers. But you know that they're much like us, and you can use your own meanderings to fill in some plausible histories - whether a new creation by Eru to thwart Sauron, or a subset of humans that, due to genes and environment, became smaller in stature, or a sub-race like the petty dwarves. Whatever, their origins do not seem utterly fantastic - arriving in a conch shell on the beach.
Make sense?
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