Books are still a superior vehicle for bringing fantasy to life. I doubt that movie-making will ever close that gap.
I have read books all my life and I probably spend six hours a day on average reading (including my time here on Free Republic). Not just fantasy and science fiction books (which make up just a small portion of what I read, but books on history, social sciences, and any other subject that interests me.
Most people in this world do not read. Over the years, many people have asked me why I waste my time on books. To them, I am wasting my life away. Bear in mind that these are people who have spent countless hours every night watching inane sitcoms on TV like "Seinfeld" and "Welcome Back Kotter" and insipid dramas such as "Murder She Wrote" and "Eight Is Enough." This steady diet of low-brow fare has made them very poor conversationalists. The average person does not know enough about history to discuss it intelligently. They do not know about Thomas Jefferson or why the Civil War was fought or even how our nation came about.
I think books are one of mankind's greatest achievements. With a library of books, one can visit exotic places, revisit historical events, learn about the world around him, and speculate on what the future may bring. It is even better than being there. For example, many years back, I visited Lookout Mountain near Chattanooga, Tennessee. I learned there about the great Civil War battle that took place around there in 1863. But the information didn't really sink in at the time. It was just a tourist trap to me. But then I read several books about that battle and when I visited it again earlier this year, the place came alive for me. I could see Missionary Ridge and from Lookout Mountain, I could see the little peninsula on the Tennessee River in which Chattanooga was held under seige. In other words, the place meant something to me because I had read so much about it.
Same with the area I live in. I live not too far from Concord and drive past the North Bridge every morning for work. So everytime I go to work, I imagine that cool April morning when Redcoats were marching up to the bridge and were confronted by an angry band of colonists. I drive right by the Old Manse where Nathaniel Hawthorne once lived and through the old town square in which the British burned some houses down. In fact, practically right in my backyard is the path that Chelmsford Minuteman took to get to the battle that morning. None of this I would know if I didn't read books. (None of my neighbors seem to know or appreciate this.)
Well sorry for running off on a tangent. Back to fantasy.
I think fantasy books (which include science fiction) are also beneficial and not the waste of time many feel them to be. Epic battles of good vs. evil such as LOTR is great for people to read. It forces them to confront difficult questions and the characters in these books can serve as good role models. It would be a good thing for a child to think, when faced with adversity, "Now how would Gandalf handle this situation?" It is not too far of a stretch to say that these books can impart wisdom. Not just fictional character but historical characters as well. For example, reading about people such as George Washington and Winston Churchill and how they handled adversity inspire me and have affected how I act in everyday life.