Why do we read this stuff?

[Guinevere]

Well, to quote Tolkien himself in "about Fairy-stories":
Fantasy, recovery (=regaining of a clear sight), escape (in a positive sense) and consolation!

1) The majestic and beautiful language
2) The enchanting way in which Tolkien weaves his story
3) The captivating, believable plot
4) Characters that are real and with whom I can identify
5) An ending that is not completely and neatly wrapped (i.e., not just some "and they all lived happily after"), but still satisfies
6) The "historical" feeling one gets while reading (this story is only a part of a much greater one)

All these reasons are true for me too, as well as what several of you wrote: the wisdom and timeless truth in Tolkien's works, the applicability to one's own life.

And yes, I agree with you, Elladan & Elrohir:
there is no direct moral or religion in it, "but there is some sort of faith everywhere without a visible source, like light from an invisible lamp" (as a reader once wrote to Tolkien).

Myth and fairy-story must as all art, reflect and contain in solution elements of moral and religious truth (or error), but not explicit, not in the known form of the primary "real World".

from letter #131
And just because this is so subtle, because these themes are absorbed into the story and the symbolism, they touch me deeply. (I'm not very religious otherwise and dislike books with too much religion it them!)
Like some of you also mentioned, the peculiar kind of courage and hope of these characters impressed me deeply.
And I love the bittersweet mixture of hope and sadness of the ending!

Reading Tolkien has a very uplifting effect on me, even the sad stories in the Silmarillion.

I have discovered Tolkien very late in life (at the age of 50!) but I can tell you, it was like a revelation for me! Anything else I have since read, seems kind of trivial to me...