Tolkien was heavily expired by European mythology as well as ancient epics such as Beowulf. LOTR was part of his attempt to create a mythology for Britain, because he thought such a thing was lacking. Lord of the rings has a mythic quality and poetic prose. I have never read another series that feels quite the same. I think it a revered series not just because it was the first, but because it is one of the best. Admittedly it has been a long time since I have read it though.