I did not have to read this literary disassembling of Tolkien's famous books for coursework. I was inspired to reread The Hobbit, and then the Lord of the Rings books, after seeing the Desolation of Smaug film (hmmm....I don't remember some of these plotlines...). Never having read the Appendices in the back of The Return of the King, I continued on; at this rate I will actually attempt to read The Silmarillion, though, at a certain point, I really need some recreation in my reading.
I don't need the Cliff Notes qualities of this book but can truly appreciate the added perspective. I understood the mythological connections between Tolkien's work and the ancient stories of the Northern European peoples but virtually complete consistency and the depth of the world-building in Tolkien is amazing. The attention to the details of language and effects of cultural heritage on character development may not be things we notice as we enjoy the story of Middle-Earth but the books are the result of putting together a puzzle of 100,000 pieces, interlocking very precisely. You may need a book like Hobbits, Elves and Wizards to gain this appreciation.
On the one hand, I do not recommend this book for the casual reader. If you are blessed with time, retain a sense of literary curiosity from college English, and read Great Literature for fun, you will soak this book up quickly, enjoying the additional background to the story. On the other hand, if you were looking for details for your Warhammer figures you won't get past the introduction (if, indeed, you are prone to read that section at all). Yes, this short book will help you if you are tasked with writing a term paper on The Lord of the Rings but it isn't a substitute for diving in and enjoying that epic tale.