This quote from some fantasy author sums it up for me "Fantasy is like an exercise bicycle for the mind. It might not take you anywhere, but it tones up the muscles that can". Reading I find is one of the most rewarding solitary pasttime you can have. I have read Lotr and while I did enjoy it at the time its not one I would come back to as there is very little grey area in regards to its morality, the current series to be in the spot light is A song of ice and fire aka Game of Thrones and is far more to my liking for the reason that most writers can write a character you like but very few can do one that you loathe and oh there are so many to hate in this series.
Just to throw the question back at you Banjaxed ,as you already seem to make it pretty clear as to which side you are one, why do you think they are a waste of time and what or how would that time be better spent?