I've read it, twice. I first read it when I was 12 or so. I thought it was incredibly stupid. I reread it a few years ago, and I still thought it was incredibly stupid, mainly, but it also made me chuckle a couple of times. They were the most intelligent jokes that I missed on my first read that made me chuckle - at times Tolkien's style is parodised rather nastily and amusingly. But all in all, I think that even I would write a better parody of LotR given the time and the patience required.
