It's exactly like the Old Testament, since it is the story of creation and a history spanning thousands of years.
It's pretty, in fact it's prettier than the Lord of the Rings, which sees a world which is much older and decaying.
The Hobbit will make the best movie of them all, because it's very easy to follow the storyline.
I always thought that The Hobbit was geared more for children, the LoTR for teens and the Sil for adults. Maybe I'm an idiot but after reading the Silmarillion the Hobbit was a breeze!