I say yes, for the following reasons:
1) You are a fan of the series and the setting, so even if the minis are just painted up and used as shelf ornaments, you've got a nice set of collectables that will mean something to you. If you're a painter, you'll love the old
LotR metals, they are amazingly accurate and detailed.
2) Especially if you're mostly after
LotR stuff rather than The Hobbit, the prices are far more reasonable than you might think. Minis and armies go on eBay for very low prices if you get lucky, typically half of RRP or better. Combine that with the small-uism model count needed (a 750 point army, which is quite a large one, comes in at about 30-60 minis) and you can get up and running with two armies (for demo games) for a lot less than the cost of a
40k army, especially if you buy used.
3) If you can get a game going, the rules themselves are pretty stellar. Detailed, clean and balanced, they're probably better than many games on the market now, and perfectly variable. From skirmishes with a handful of guys a side, to all out recreations of the story's major battles, you have the whole breadth and depth of Middle Earth to have fun with.
And if that convinces you, then check out the forum at www.one-ring.co.
uk. It's far more active than this
LotR subforum and you can see a lot more of the hobby there. Also check out the Battle Companies rules; they introduce and
RPG element to the rules for character progression and operate at 5-10 models a side, so you could just buy a selection from several armies and get going with that, then expand your favourite companies into whole armies.
http://www.one-ring.co.uk/kb.php?a=259